Guam § 30122 - Temporary Practice.

§ 30122. Temporary Practice.

The Director shall issue a temporary practice for a period of six (6)

months to an applicant from another state or territory upon filing of an

application for a temporary practice and the payment of a temporary

practice fee of One Hundred Dollars ($100.00) by an applicant who presents

a certificate of good standing to practice real estate appraising in another

state, or territory of the United States, or the District of Columbia, provided

that:

(a) the applicant for temporary practice shall file an irrevocable

consent agreeing that in lawsuits and actions arising out of any appraisal

work performed in Guam, the service of legal process on the Director shall

be valid and binding in all courts as if due service of process had been made

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directly upon the temporary appraiser. In case any such process is served

upon the Director, he or she shall forward a copy of the process, by

registered mail, to the main office of the licensee against which the process

is directed;

(b) the property to be appraised is part of a federally-related

transaction. A federally-related transaction is a loan or a credit that is issued

or granted by a bank or financial institution that is insured by the Federal

Deposit Insurance Corporation or is a member of the Federal Reserve

Board, or is sold to GNMA, FNMA, or National Home Mortgage

Corporation, or is assisted or guaranteed by a Federal government agency;

(c) The appraiser=s business is of a temporary nature. The appraisal

work to be performed is temporary in nature if such work is estimated to be

completed in less than six (6) months; and

An applicant may submit more than one (1) application for a temporary

license within a period of one (1) year, provided that the applicant complies

with all the requirements for the issuance of a temporary license as set forth

in this Section.