(a) The scope of practice for a licensed residential real estate appraiser is limited to the appraisal of non-complex 1-4 family residential units having a transaction value of less than $1,000,000 and complex 1-4 family residential units having a transaction value of less than $250,000.

(b) The scope of practice for a licensed residential real estate appraiser includes the appraisal of vacant or unimproved land that is to be utilized for a 1-4 family residential unit or vacant or unimproved land for which the highest and best use is a 1-4 family residential unit. In either case, the scope of practice is limited to the appraisal of vacant or unimproved land having a transaction value of less than $1,000,000.