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 COL 06112010 CH. 30 REAL ESTATE APPRAISERS 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.