Senate committee substitute makes the following changes to the 3rd edition.

Amends 93E-1-6, now titled Qualifications for registration, licensure, and certification; applications; application fees; examinations, providing for the licensure as a licensed real estate appraiser, requiring written application to the Board on the forms prescribed by the Board, which sets forth the applicant's qualifications for licensure. Provides that applicants desiring to be licensed real estate appraisers must satisfy four requirements, (1) hold an associate's degree or higher from an accredited college, community college, or university, (2) demonstrate to the Board that the applicant possesses the knowledge and competence necessary to perform appraisals of real property by having satisfactorily completed a course of instruction of at least 150 hours of classroom instruction, with specified subjects, completed on or after January 1, 2008, (3) present evidence of at least 2,500 hours, or the minimum required by the federal government if greater, of experience in real estate appraising within the immediately preceding eight-year period preceding the date of the application and over at least a two calendar year period, and (4) satisfy any additional criteria as may be imposed by the Board.

Provides that applicants that desire to become certified residential real estate appraisers must hold a bachelor's degree from an accredited college or university (previously, required a qualified associate's degree or provided for certain equivalencies to the requirement of a bachelor's degree).

Provides that applicants that desire to become certified general real estate appraisers must hold a bachelor's degree or higher from an accredited college or university (previously, provided for certain equivalencies to the requirement of a bachelor's degree).

Deletes proposed changes to sections GS 93E-1-9, concerning nonresident registration and certification, GS 93E-1-11(a), concerning specified duties of the Executive Director of the Board, and GS 93E-2-6, concerning fees and renewals.

Amends GS 114-19.30, making conforming changes, providing for criminal history record checks of applicants for appraiser licensure.

Deletes proposed section 93E-2-12, Appraisal Management Company Recovery Fund.

Authorizes the Legislative Research Commission to study issues relating to the NC Appraisal Board, limited to the advisability of establishing a recovery fund to provide restitution to appraisers. Sets out six items the Commission can study, including the need for the fund and whether a surety bond is adequate and conducting a cost benefit analysis of the recovery fund. Effective when the act becomes law.