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FAA Published a set of answers to question they received on the recent Recreational sUAS Test Administration.

Jagerbomb52

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Question 12 was fairly interesting:
12 There is a major problem that is being
overlooked – Section 349 of HR 302 has not
been codified into CFR Title 14. How can
you create a knowledge test based on FAA
Regulations when those regulations don’t
currently exist?!?
FAA Answer:
The exception for limited recreational
operations of unmanned aircraft is a
statutory provision codified under 49 U.S.C.
44809. It delineates the statutory
requirements to operate without specific
certification or operating authority from the
FAA. The statutory requirements are binding
regardless of whether the provisions are
codified under Title 14 of the Code of Regulations
The statute requires recreational flyers to pass an aeronautical knowledge and safety test, as described in 49 U.S.C. 44809(g), to adequately demonstrate the recreational flyer’s understanding of aeronautical safety knowledge and knowledge of FAA regulations and requirements pertaining to the operation of an unmanned aircraft system in the national airspace system

FAACO.FAA.GOV

faaco.faa.gov


Seems they are saying it does not need codification since it is already law. It provides an exemption from the FARs governing sUAS as long as the 8 conditions are met.
Part 107 people will still need to pass the test if they want to fly recreationally.
The law is worded in such a way there is no exception to the testing requirement. Sort of like an ATP with 25,000 hours as PIC of a 747 still has to take the Part 107 RPIC quiz of sorts.
The only advantage for 107 pilots that I can see would be recreationally pilots do not need a waiver to fly at night like 107 pilots.
 
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There may be an exemption to testing for blind pilots. :)

Probably the most significant advantage in being a Part 107 pilot is you are legal to work for hire, sell your aerial works and legally monetize your videos on online channels. Technically there are thousands of posted drone videos on Youtube that are monetized and shot by pilots with no 107 certification. And are in violation of federal law.

RE: Night Flights and Flying Over People for 107
It looks like Department of Transportation is working in the direction of allowing Waiverless night flying and flying over people in at least some situations but it could be 1.5-2 years out before the final regulations have completed the process. Note the stringent requirements of having a certified drone that meets very rigid Bodily Damage requirements when it comes to overflights of human flesh. Another chuckle is drones less than a half pound over people have very little in the way of restrictions proposed. I guess like getting hit with a feather.

Proposed Drone Regulations Allow Waiverless Flying Over-People and Night Operations
 
Waivers for flying over people have been granted more then you think and have been for over a year. You should join the facebook group UAV Legal News & Discussion. I'm sure you would enjoy it and maybe learn more about your hobby.
 

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