In British Columbia, a professional appraiser prepares a formal market value appraisal for a mortgage lender. How does the licensing regime under the Real Estate Services Act treat the appraiser?
Correct Answer
B) They are exempt from RESA licensing as appraisers
Real Estate Services Regulation s. 2.8 exempts a person who provides trading services only by appraising the value of real estate, or consulting on its value, from the requirement to be licensed under RESA, if they do so in the course of their business as an appraiser. RESA does not regulate who may prepare lender appraisals; lenders set their own appraiser qualification requirements.
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