Sec. 2. (a) The board consists of five (5) members appointed by the governor as follows:
(1) Subject to IC 25-1-6.5-3, three (3) members who are real estate appraisers:
(A) who are licensed or certified under this article;
(B) who have at least five (5) years experience as real estate appraisers; and
(C) at least one (1) of whom is a certified appraiser.
(2) Subject to IC 25-1-6.5-3, one (1) representative who represents lenders qualified to:
(A) make Federal Housing Administration insured loans and Veterans Administration guaranteed loans; and
(B) sell loans to the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation.
(3) Subject to IC 25-1-6.5-3, one (1) member who is not associated with the real estate business in any way other than as a consumer.
(b) A member may be removed under IC 25-1-6.5-4.