Title 831 | Chapter 003 | Regulation 001REG
PROPOSED
This document is not yet current.
PUBLIC PROTECTION CABINET
Real Estate Appraisers Board
(New Administrative Regulation)
831 KAR 3:001.Definitions for 831 KAR Chapter 3.
Section 1.
Definitions.(1)
"Accredited" means a college or university that grants credit toward a program for an associate, baccalaureate, graduate, or professional degree and that is chartered, licensed, or granted accreditation by an appropriately recognized educational association.(2)
"Appraisal management company" is defined by KRS 324A.150(1).(3)
"Appraisal management services" is defined by KRS 324A.150(2).(4)
"Appraiser panel" is defined by KRS 324A.150(5).(5)
"Approved instructor" means an instructor who has been approved by the board pursuant to 831 KAR 3:140 to teach continuing education or qualifying education.(6)
"AQB" means the Appraiser Qualification Board of the Appraisal Foundation.(7)
"AQB Criteria" means the Real Property Appraiser Qualification Criteria, January 1, 2026, of the Appraiser Qualification Board of the Appraisal Foundation.(8)
"Assignment" for purposes of a temporary practice permit application, means one or more real estate appraisals and written or oral appraisal report(s) covered by a single contractual agreement.(9)
"Associate real property appraiser" means an individual who has fulfilled the requirements for licensure as an associate real property appraiser established by the board. An associate real property appraiser is the functional equivalent to the credential of trainee real property appraiser denoted by the AQB.(10)
"Bio-metric proctoring" means processes used to continually verify student identity, such as facial recognition, consistency in keystroke cadence, and the observation of activity in the testing location, and monitoring readily observable aberrant behavior or activity.(11)
"Board" means the Kentucky Real Estate Appraisers Board created under KRS 324A.015.(12)
"Certificate holder" or "licensee" means a person certified or licensed by the board.(13)
"Certified general real property appraiser" means an appraiser who has fulfilled the requirements for certification established by the board to appraise real property in connection with federally and nonfederally related transactions.(14)
"Certified residential real property appraiser" means an appraiser who has fulfilled the requirements for certification established by the board to perform appraisals on improved structures with up to four (4) residential units and vacant land.(15)
"Class hour" means sixty (60) minutes, of which at least fifty (50) minutes are actual instruction attended by the student, including time for examinations.(16)
"Class hour of distance education" means the course time for synchronous and asynchronous online instruction set forth in the Delivery Mechanism Approval process of the Course Approval Program Policies and Procedures of the AQB, January 1, 2026, or the AQB policy in effect at the time of submission of a provider's application for course approval to the board, whichever is later.(17)
"Complaint" means a written allegation that a credential holder or Appraisal Management Company, or its controlling person or managing principal, has violated the requirements of KRS Chapter 324A or 831 KAR Chapter 3.(18)
"Covered transaction" means any consumer credit transaction secured by the consumer's principal dwelling.(19)
"Credential" means any license, certificate, and temporary practice permit, issued by the board.(20)
"Credential holder" means an individual who has a license, certificate, or temporary practice permit issued by the board.(21)
"Distance education" means any education process based on the geographical separation of instructor and student. Distance education may be synchronous, asynchronous, or hybrid.(a)
"Asynchronous distance education" means the instructor and student interact non-simultaneously; the student progresses at the student's own pace and follows a structured course content and quiz and examination schedule.(b)
"Hybrid distance education" means the instructor and student interact both in–person and online, through synchronous or asynchronous instruction.(c)
"Synchronous distance education" means the instructor and student interact simultaneously online, by video teleconference, live webinar, or web-based meeting.(22)
"Education provider" means a school or entity that teaches continuing or qualifying education courses, programs of study, or seminars.(23)
"Federal financial institutions regulatory agencies" means a federal agency listed in 12 U.S.C. § 3350(6) that regulates lenders, or the loans guaranteed by them.(24)
"Federally related transaction" is defined by KRS 324A.010(8).(25)
"Licensed nonfederal real property appraiser" means an individual who has fulfilled the requirements for licensure established by the Board to appraise real property in connection with non-federally-related transactions.(26)
"Licensed residential real property appraiser" means an appraiser who has fulfilled the requirements for licensure established by the board to appraise real property.(27)
"Practical Applications of Real Estate Appraisal" or "PAREA" means programs approved by the AQB as an alternative to the traditional supervisor/trainee model for obtaining experience required for certification or licensure.(28)
"Real estate-related financial transaction" means a transaction that involves the:(a)
Sale, lease, purchase, investment in or exchange of real property, including an interest in real property, or the financing thereof;(b)
Refinancing of real property, or an interest in real property; and(c)
Use of real property, or an interest in property, as security for a loan or investment, including a mortgage-backed security.(29)
"Registrant" means an appraisal management company registered with the Board.(30)
"Required Core Curriculum" means the list of course topics established in 831 KAR 3:030 Section 5 through Section 9.(31)
"Residential" means having one (1) to four (4) residential units.(32)
"Submit" means in the context of an appraisal, correspondence, or other filing being submitted to the Board, the date and time of submission shall be calculated:(a)
For mail: the date the mail is postmarked;(b)
For electronic mail or other digital transmission to the Boards general email account or to a Board staff's email account: by the date and time of receipt;(c)
For hand delivery: by the date the Board office receives the delivery; and(d)
For use of the online license renewal system: by the date and time the system receives the application for renewal.(33)
"Uniform Standards of Professional Appraisal Practice" or "USPAP" means the standards of practice promulgated by the Appraisal Standards Board of the Appraisal Foundation as defined by KRS 324A.010(7).JOHN DEXTER OUTLAW, Board Chairperson
TRACY CARROLL, Director
RAY A. PERRY, Secretary
APPROVED BY AGENCY: March 25, 2026
FILED WITH LRC: March 30, 2026 at 2:50 p.m.
PUBLIC HEARING AND COMMENT PERIOD: A public hearing on this administrative regulation shall be held on June 24, 2026, at 1:00 P.M. Eastern Time at the Mayo-Underwood Building, Room 133CE, 500 Mero Street, Frankfort, Kentucky 40601. Individuals interested in being heard at this hearing shall notify this agency in writing by five workdays prior to the hearing, of their intent to attend. If no notification of intent to attend the hearing was received by that date, the hearing may be canceled. A transcript of the public hearing will not be made unless a written request for a transcript is made. If you do not wish to be heard at the public hearing, you may submit written comments on the proposed administrative regulation. Written comments shall be accepted through June 30, 2026. Send written notification of intent to be heard at the public hearing or written comments on the proposed administrative regulation to the contact person.
CONTACT PERSON: Patrick Riley, General Counsel, Kentucky Real Estate Appraisers Board, 500 Mero Street, Frankfort, Kentucky 40601, Email patrick.riley@ky.gov, Tel. (502) 782-2618.
REGULATORY IMPACT ANALYSIS AND TIERING STATEMENT
Contact Person:
Patrick Riley
Subject Headings:
Boards and Commissions, Real Estate, Licensing, Fees
(1) Provide a brief summary of:
(a) What this administrative regulation does:
This regulation provides definitions for terms used throughout the Kentucky Real Estate Appraisers Board’s ("Board’s") administrative regulations.
(b) The necessity of this administrative regulation:
This regulation is necessary to clearly articulate the regulatory terminology established in the Board’s administrative regulations.
(c) How this administrative regulation conforms to the content of the authorizing statutes:
KRS 324A.035 authorizes and requires the Board to promulgate administrative regulations for certification or licensure of appraisers who perform appraisals of real property in federally related transactions, for certification or licensure of appraisers of real property in non-federally related transactions, classifications of appraisers; certification and licensure; renewal, suspension, or revocation of certification or licensure; standards of professional appraisal practice, including experience, education, and ethics; examination of applicants for certification or licensure; and continuing education of appraisers.
(d) How this administrative regulation currently assists or will assist in the effective administration of the statutes:
The Board is charged with licensing and regulating the practice of appraisal in Kentucky. This administrative regulation is necessary to clearly articulate the definitions for terms used in the administrative regulations.
(2) If this is an amendment to an existing administrative regulation, provide a brief summary of:
(a) How the amendment will change this existing administrative regulation:
Not applicable.
(b) The necessity of the amendment to this administrative regulation:
Not applicable.
(c) How the amendment conforms to the content of the authorizing statutes:
Not applicable.
(d) How the amendment will assist in the effective administration of the statutes:
Not applicable.
(3) Does this administrative regulation or amendment implement legislation from the previous five years?
Yes, this regulation implements the following legislation from the previous five years. HB 172 (Acts Chapter 21) "AN ACT relating to the Kentucky Real Estate Appraisers Board"; signed by the Governor; effective June 29, 2021. HB 403 (Acts Chapter 182) "AN ACT relating to real property boards"; effective July 15, 2024.
(4) List the type and number of individuals, businesses, organizations, or state and local governments affected by this administrative regulation:
As of October 22, 2025, the Board licenses and regulates over 1,564 individual appraisers and 106 appraisal management companies ("AMCs") that will be affected by this administrative regulation, as follows: 721 Certified General Real Property Appraisers, 664 Certified Residential Real Property Appraiser, 13 Licensed Residential Real Property Appraisers, and 166 Associate Real Property Appraisers.
(5) Provide an analysis of how the entities identified in question (4) will be impacted by either the implementation of this administrative regulation, if new, or by the change, if it is an amendment, including:
(a) List the actions that each of the regulated entities identified in question (4) will have to take to comply with this administrative regulation or amendment:
Licensees, including both appraisers and AMCs will need to understand definitions for the administrative regulations to follow the administrative regulations.
(b) In complying with this administrative regulation or amendment, how much will it cost each of the entities identified in question (4):
This regulation will impose no new costs on licensees.
(c) As a result of compliance, what benefits will accrue to the entities identified in question (4):
Licensees shall be informed of regulatory definitions.
(6) Provide an estimate of how much it will cost the administrative body to implement this administrative regulation:
(a) Initially:
There will be no cost to the Board to implement this administrative regulation initially.
(b) On a continuing basis:
There will be no cost to the Board to implement this administrative regulation on a continuing basis.
(7) What is the source of the funding to be used for the implementation and enforcement of this administrative regulation or this amendment:
There is no additional funding necessary to implement this administrative regulation.
(8) Provide an assessment of whether an increase in fees or funding will be necessary to implement this administrative regulation, if new, or by the change if it is an amendment:
The implementation of this administrative regulation requires no increase in fees or funding.
(9) State whether or not this administrative regulation establishes any fees or directly or indirectly increases any fees:
This administrative regulation neither directly nor indirectly increases any fees.
(10) TIERING: Is tiering applied?
No, tiering is not applied because the definitions set forth in this administrative regulation apply equally to all licensees.
FISCAL IMPACT STATEMENT
(1) Identify each state statute, federal statute, or federal regulation that requires or authorizes the action taken by the administrative regulation:
KRS 324A.015, 324A.020, 324A.035, KRS Chapter 324A, 12 U.S.C. § 3350
(2) State whether this administrative regulation is expressly authorized by an act of the General Assembly, and if so, identify the act:
(3)(a) Identify the promulgating agency and any other affected state units, parts, or divisions:
The Kentucky Real Estate Appraisers Board ("Board") is the agency responsible for implementing this regulation. No other divisions of state or local government entities should be affected.
(b) Estimate the following for each affected state unit, part, or division identified in (3)(a):
1. Expenditures:
For the first year:
There is no cost to administer this administrative regulation for the first year.
For subsequent years:
There is no cost to administer this administrative regulation for subsequent years.
2. Revenues:
For the first year:
This administrative regulation is not intended to generate revenue for any state or local government agency for the first year.
For subsequent years:
This administrative regulation is not intended to generate revenue for any state or local government agency for subsequent years.
3. Cost Savings:
For the first year:
There are no cost savings to administer this administrative regulation for the first year.
For subsequent years:
There are no cost savings to administer this administrative regulation for subsequent years.
(4)(a) Identify affected local entities (for example: cities, counties, fire departments, school districts):
None
(b) Estimate the following for each affected local entity identified in (4)(a):
1. Expenditures:
For the first year:
N/A
For subsequent years:
N/A
2. Revenues:
For the first year:
N/A
For subsequent years:
N/A
3. Cost Savings:
For the first year:
N/A
For subsequent years:
N/A
(5)(a) Identify any affected regulated entities not listed in (3)(a) or (4)(a):
N/A
(b) Estimate the following for each regulated entity identified in (5)(a):
1. Expenditures:
For the first year:
N/A
For subsequent years:
N/A
2. Revenues:
For the first year:
N/A
For subsequent years:
N/A
3. Cost Savings:
For the first year:
N/A
For subsequent years:
N/A
(6) Provide a narrative to explain the following for each entity identified in (3)(a), (4)(a), and (5)(a)
(a) Fiscal impact of this administrative regulation:
None.
(b) Methodology and resources used to reach this conclusion:
Methodology and resources used are the fiscal department within the Public Protection Cabinet, Division of Real Property Boards.
(7) Explain, as it relates to the entities identified in (3)(a), (4)(a), and (5)(a):
(a) Whether this administrative regulation will have a "major economic impact", as defined by KRS 13A.010(14):
This administrative regulation is not intended or anticipated to have a major economic impact as defined by KRS 13A.010(14).
(b) The methodology and resources used to reach this conclusion:
Methodology and resources used are the fiscal department within the Public Protection Cabinet, Division of Real Property Boards.
FEDERAL MANDATE ANALYSIS COMPARISON
(1) Federal statute or regulation constituting the federal mandate.
: 12 U.S.C. 3345, 12 U.S.C. 3347
(2) State compliance standards.
: KRS 324A.020, 324A.035
(3) Minimum or uniform standards contained in the federal mandate.
:12 U.S.C. 3345, 12 U.S.C. 3347.
(4) Will this administrative regulation impose stricter requirements, or additional or different responsibilities or requirements, than those required by the federal mandate?
: This administrative regulation does not impose stricter requirements, or additional or different responsibilities or requirements, than those required by the federal mandate.
(5) Justification for the imposition of the stricter standard, or additional or different responsibilities or requirements.
: This administrative regulation does not impose a stricter standard, or additional or different responsibilities or requirements.
PUBLIC PROTECTION CABINET
Real Estate Appraisers Board
(New Administrative Regulation)
831 KAR 3:001.Definitions for 831 KAR Chapter 3.
Section 1.
Definitions.(1)
"Accredited" means a college or university that grants credit toward a program for an associate, baccalaureate, graduate, or professional degree and that is chartered, licensed, or granted accreditation by an appropriately recognized educational association.(2)
"Appraisal management company" is defined by KRS 324A.150(1).(3)
"Appraisal management services" is defined by KRS 324A.150(2).(4)
"Appraiser panel" is defined by KRS 324A.150(5).(5)
"Approved instructor" means an instructor who has been approved by the board pursuant to 831 KAR 3:140 to teach continuing education or qualifying education.(6)
"AQB" means the Appraiser Qualification Board of the Appraisal Foundation.(7)
"AQB Criteria" means the Real Property Appraiser Qualification Criteria, January 1, 2026, of the Appraiser Qualification Board of the Appraisal Foundation.(8)
"Assignment" for purposes of a temporary practice permit application, means one or more real estate appraisals and written or oral appraisal report(s) covered by a single contractual agreement.(9)
"Associate real property appraiser" means an individual who has fulfilled the requirements for licensure as an associate real property appraiser established by the board. An associate real property appraiser is the functional equivalent to the credential of trainee real property appraiser denoted by the AQB.(10)
"Bio-metric proctoring" means processes used to continually verify student identity, such as facial recognition, consistency in keystroke cadence, and the observation of activity in the testing location, and monitoring readily observable aberrant behavior or activity.(11)
"Board" means the Kentucky Real Estate Appraisers Board created under KRS 324A.015.(12)
"Certificate holder" or "licensee" means a person certified or licensed by the board.(13)
"Certified general real property appraiser" means an appraiser who has fulfilled the requirements for certification established by the board to appraise real property in connection with federally and nonfederally related transactions.(14)
"Certified residential real property appraiser" means an appraiser who has fulfilled the requirements for certification established by the board to perform appraisals on improved structures with up to four (4) residential units and vacant land.(15)
"Class hour" means sixty (60) minutes, of which at least fifty (50) minutes are actual instruction attended by the student, including time for examinations.(16)
"Class hour of distance education" means the course time for synchronous and asynchronous online instruction set forth in the Delivery Mechanism Approval process of the Course Approval Program Policies and Procedures of the AQB, January 1, 2026, or the AQB policy in effect at the time of submission of a provider's application for course approval to the board, whichever is later.(17)
"Complaint" means a written allegation that a credential holder or Appraisal Management Company, or its controlling person or managing principal, has violated the requirements of KRS Chapter 324A or 831 KAR Chapter 3.(18)
"Covered transaction" means any consumer credit transaction secured by the consumer's principal dwelling.(19)
"Credential" means any license, certificate, and temporary practice permit, issued by the board.(20)
"Credential holder" means an individual who has a license, certificate, or temporary practice permit issued by the board.(21)
"Distance education" means any education process based on the geographical separation of instructor and student. Distance education may be synchronous, asynchronous, or hybrid.(a)
"Asynchronous distance education" means the instructor and student interact non-simultaneously; the student progresses at the student's own pace and follows a structured course content and quiz and examination schedule.(b)
"Hybrid distance education" means the instructor and student interact both in–person and online, through synchronous or asynchronous instruction.(c)
"Synchronous distance education" means the instructor and student interact simultaneously online, by video teleconference, live webinar, or web-based meeting.(22)
"Education provider" means a school or entity that teaches continuing or qualifying education courses, programs of study, or seminars.(23)
"Federal financial institutions regulatory agencies" means a federal agency listed in 12 U.S.C. § 3350(6) that regulates lenders, or the loans guaranteed by them.(24)
"Federally related transaction" is defined by KRS 324A.010(8).(25)
"Licensed nonfederal real property appraiser" means an individual who has fulfilled the requirements for licensure established by the Board to appraise real property in connection with non-federally-related transactions.(26)
"Licensed residential real property appraiser" means an appraiser who has fulfilled the requirements for licensure established by the board to appraise real property.(27)
"Practical Applications of Real Estate Appraisal" or "PAREA" means programs approved by the AQB as an alternative to the traditional supervisor/trainee model for obtaining experience required for certification or licensure.(28)
"Real estate-related financial transaction" means a transaction that involves the:(a)
Sale, lease, purchase, investment in or exchange of real property, including an interest in real property, or the financing thereof;(b)
Refinancing of real property, or an interest in real property; and(c)
Use of real property, or an interest in property, as security for a loan or investment, including a mortgage-backed security.(29)
"Registrant" means an appraisal management company registered with the Board.(30)
"Required Core Curriculum" means the list of course topics established in 831 KAR 3:030 Section 5 through Section 9.(31)
"Residential" means having one (1) to four (4) residential units.(32)
"Submit" means in the context of an appraisal, correspondence, or other filing being submitted to the Board, the date and time of submission shall be calculated:(a)
For mail: the date the mail is postmarked;(b)
For electronic mail or other digital transmission to the Boards general email account or to a Board staff's email account: by the date and time of receipt;(c)
For hand delivery: by the date the Board office receives the delivery; and(d)
For use of the online license renewal system: by the date and time the system receives the application for renewal.(33)
"Uniform Standards of Professional Appraisal Practice" or "USPAP" means the standards of practice promulgated by the Appraisal Standards Board of the Appraisal Foundation as defined by KRS 324A.010(7).JOHN DEXTER OUTLAW, Board Chairperson
TRACY CARROLL, Director
RAY A. PERRY, Secretary
APPROVED BY AGENCY: March 25, 2026
FILED WITH LRC: March 30, 2026 at 2:50 p.m.
PUBLIC HEARING AND COMMENT PERIOD: A public hearing on this administrative regulation shall be held on June 24, 2026, at 1:00 P.M. Eastern Time at the Mayo-Underwood Building, Room 133CE, 500 Mero Street, Frankfort, Kentucky 40601. Individuals interested in being heard at this hearing shall notify this agency in writing by five workdays prior to the hearing, of their intent to attend. If no notification of intent to attend the hearing was received by that date, the hearing may be canceled. A transcript of the public hearing will not be made unless a written request for a transcript is made. If you do not wish to be heard at the public hearing, you may submit written comments on the proposed administrative regulation. Written comments shall be accepted through June 30, 2026. Send written notification of intent to be heard at the public hearing or written comments on the proposed administrative regulation to the contact person.
CONTACT PERSON: Patrick Riley, General Counsel, Kentucky Real Estate Appraisers Board, 500 Mero Street, Frankfort, Kentucky 40601, Email patrick.riley@ky.gov, Tel. (502) 782-2618.
REGULATORY IMPACT ANALYSIS AND TIERING STATEMENT
Contact Person:
Patrick Riley
Subject Headings:
Boards and Commissions, Real Estate, Licensing, Fees
(1) Provide a brief summary of:
(a) What this administrative regulation does:
This regulation provides definitions for terms used throughout the Kentucky Real Estate Appraisers Board’s ("Board’s") administrative regulations.
(b) The necessity of this administrative regulation:
This regulation is necessary to clearly articulate the regulatory terminology established in the Board’s administrative regulations.
(c) How this administrative regulation conforms to the content of the authorizing statutes:
KRS 324A.035 authorizes and requires the Board to promulgate administrative regulations for certification or licensure of appraisers who perform appraisals of real property in federally related transactions, for certification or licensure of appraisers of real property in non-federally related transactions, classifications of appraisers; certification and licensure; renewal, suspension, or revocation of certification or licensure; standards of professional appraisal practice, including experience, education, and ethics; examination of applicants for certification or licensure; and continuing education of appraisers.
(d) How this administrative regulation currently assists or will assist in the effective administration of the statutes:
The Board is charged with licensing and regulating the practice of appraisal in Kentucky. This administrative regulation is necessary to clearly articulate the definitions for terms used in the administrative regulations.
(2) If this is an amendment to an existing administrative regulation, provide a brief summary of:
(a) How the amendment will change this existing administrative regulation:
Not applicable.
(b) The necessity of the amendment to this administrative regulation:
Not applicable.
(c) How the amendment conforms to the content of the authorizing statutes:
Not applicable.
(d) How the amendment will assist in the effective administration of the statutes:
Not applicable.
(3) Does this administrative regulation or amendment implement legislation from the previous five years?
Yes, this regulation implements the following legislation from the previous five years. HB 172 (Acts Chapter 21) "AN ACT relating to the Kentucky Real Estate Appraisers Board"; signed by the Governor; effective June 29, 2021. HB 403 (Acts Chapter 182) "AN ACT relating to real property boards"; effective July 15, 2024.
(4) List the type and number of individuals, businesses, organizations, or state and local governments affected by this administrative regulation:
As of October 22, 2025, the Board licenses and regulates over 1,564 individual appraisers and 106 appraisal management companies ("AMCs") that will be affected by this administrative regulation, as follows: 721 Certified General Real Property Appraisers, 664 Certified Residential Real Property Appraiser, 13 Licensed Residential Real Property Appraisers, and 166 Associate Real Property Appraisers.
(5) Provide an analysis of how the entities identified in question (4) will be impacted by either the implementation of this administrative regulation, if new, or by the change, if it is an amendment, including:
(a) List the actions that each of the regulated entities identified in question (4) will have to take to comply with this administrative regulation or amendment:
Licensees, including both appraisers and AMCs will need to understand definitions for the administrative regulations to follow the administrative regulations.
(b) In complying with this administrative regulation or amendment, how much will it cost each of the entities identified in question (4):
This regulation will impose no new costs on licensees.
(c) As a result of compliance, what benefits will accrue to the entities identified in question (4):
Licensees shall be informed of regulatory definitions.
(6) Provide an estimate of how much it will cost the administrative body to implement this administrative regulation:
(a) Initially:
There will be no cost to the Board to implement this administrative regulation initially.
(b) On a continuing basis:
There will be no cost to the Board to implement this administrative regulation on a continuing basis.
(7) What is the source of the funding to be used for the implementation and enforcement of this administrative regulation or this amendment:
There is no additional funding necessary to implement this administrative regulation.
(8) Provide an assessment of whether an increase in fees or funding will be necessary to implement this administrative regulation, if new, or by the change if it is an amendment:
The implementation of this administrative regulation requires no increase in fees or funding.
(9) State whether or not this administrative regulation establishes any fees or directly or indirectly increases any fees:
This administrative regulation neither directly nor indirectly increases any fees.
(10) TIERING: Is tiering applied?
No, tiering is not applied because the definitions set forth in this administrative regulation apply equally to all licensees.
FISCAL IMPACT STATEMENT
(1) Identify each state statute, federal statute, or federal regulation that requires or authorizes the action taken by the administrative regulation:
KRS 324A.015, 324A.020, 324A.035, KRS Chapter 324A, 12 U.S.C. § 3350
(2) State whether this administrative regulation is expressly authorized by an act of the General Assembly, and if so, identify the act:
(3)(a) Identify the promulgating agency and any other affected state units, parts, or divisions:
The Kentucky Real Estate Appraisers Board ("Board") is the agency responsible for implementing this regulation. No other divisions of state or local government entities should be affected.
(b) Estimate the following for each affected state unit, part, or division identified in (3)(a):
1. Expenditures:
For the first year:
There is no cost to administer this administrative regulation for the first year.
For subsequent years:
There is no cost to administer this administrative regulation for subsequent years.
2. Revenues:
For the first year:
This administrative regulation is not intended to generate revenue for any state or local government agency for the first year.
For subsequent years:
This administrative regulation is not intended to generate revenue for any state or local government agency for subsequent years.
3. Cost Savings:
For the first year:
There are no cost savings to administer this administrative regulation for the first year.
For subsequent years:
There are no cost savings to administer this administrative regulation for subsequent years.
(4)(a) Identify affected local entities (for example: cities, counties, fire departments, school districts):
None
(b) Estimate the following for each affected local entity identified in (4)(a):
1. Expenditures:
For the first year:
N/A
For subsequent years:
N/A
2. Revenues:
For the first year:
N/A
For subsequent years:
N/A
3. Cost Savings:
For the first year:
N/A
For subsequent years:
N/A
(5)(a) Identify any affected regulated entities not listed in (3)(a) or (4)(a):
N/A
(b) Estimate the following for each regulated entity identified in (5)(a):
1. Expenditures:
For the first year:
N/A
For subsequent years:
N/A
2. Revenues:
For the first year:
N/A
For subsequent years:
N/A
3. Cost Savings:
For the first year:
N/A
For subsequent years:
N/A
(6) Provide a narrative to explain the following for each entity identified in (3)(a), (4)(a), and (5)(a)
(a) Fiscal impact of this administrative regulation:
None.
(b) Methodology and resources used to reach this conclusion:
Methodology and resources used are the fiscal department within the Public Protection Cabinet, Division of Real Property Boards.
(7) Explain, as it relates to the entities identified in (3)(a), (4)(a), and (5)(a):
(a) Whether this administrative regulation will have a "major economic impact", as defined by KRS 13A.010(14):
This administrative regulation is not intended or anticipated to have a major economic impact as defined by KRS 13A.010(14).
(b) The methodology and resources used to reach this conclusion:
Methodology and resources used are the fiscal department within the Public Protection Cabinet, Division of Real Property Boards.
FEDERAL MANDATE ANALYSIS COMPARISON
(1) Federal statute or regulation constituting the federal mandate.
: 12 U.S.C. 3345, 12 U.S.C. 3347
(2) State compliance standards.
: KRS 324A.020, 324A.035
(3) Minimum or uniform standards contained in the federal mandate.
:12 U.S.C. 3345, 12 U.S.C. 3347.
(4) Will this administrative regulation impose stricter requirements, or additional or different responsibilities or requirements, than those required by the federal mandate?
: This administrative regulation does not impose stricter requirements, or additional or different responsibilities or requirements, than those required by the federal mandate.
(5) Justification for the imposition of the stricter standard, or additional or different responsibilities or requirements.
: This administrative regulation does not impose a stricter standard, or additional or different responsibilities or requirements.