Section 47-16-6 – Duties of a homeowner association.
A. The association shall exercise any powers conferred to the association in the community documents. B. The association shall have a lien on a lot for any assessment levied against that lot or for fines imposed against that lot’s owner from the time the assessment or fine becomes due. If an assessment is payable in […]
Section 47-16-7 – Board members and officers; duties; budget.
A. Except as provided in the community documents or other provisions of the Homeowner Association Act, the board acts on behalf of the association. In the performance of their duties, officers and members of the board shall exercise, if appointed by the declarant, the degree of care and loyalty required of a fiduciary of the […]
Section 47-14-14 – Pre-engagement certification.
Each appraisal management company seeking to be registered in this state shall certify to the board on an annual basis on a form prescribed by the board that the appraisal management company has a system and process in place to verify that a person being added to the appraiser panel of the appraisal management company […]
Section 47-14-15 – Adherence to standards.
Each appraisal management company seeking to be registered in this state shall certify to the board on an annual basis that it has a system in place to review the work of all independent appraisers that are performing real estate appraisal services for the appraisal management company on a periodic basis to ensure that the […]
Section 47-14-15.1 – Automated valuation models used to estimate collateral value for mortgage lending purposes.
A. Automated valuation models shall adhere to quality control standards designed to: (1) ensure a high level of confidence in the estimates produced by automated valuation models; (2) protect against the manipulation of data; (3) seek to avoid conflicts of interest; (4) require random sample testing and reviews; and (5) account for any other such […]
Section 47-14-16 – Recordkeeping.
Each appraisal management company seeking to be registered shall certify to the board on an annual basis that it maintains a detailed record of each service request that it receives and the independent appraiser that performs the real estate appraisal services for the appraisal management company. History: Laws 2009, ch. 214, § 16. ANNOTATIONS Effective […]
Section 47-14-17 – Appraiser independence; prohibitions.
A. Appraisals shall be conducted independently and free from inappropriate influence and coercion pursuant to the appraisal independence standards established pursuant to the federal Truth in Lending Act. B. It is unlawful for any employee, director, officer or agent of an appraisal management company registered pursuant to the Appraisal Management Company Registration Act to influence […]
Section 47-14-18 – Payment; limits; disclosure; nontaxable transaction certificate.
A. The fees paid to an appraiser for completion of the appraisal shall not include a fee for management of the appraisal process or any activity other than the performance of the appraisal. B. An appraisal management company shall separately state the fees paid to an appraiser for appraisal services and the fees charged by […]
Section 47-14-19 – Appraisal reports; alteration; use.
An appraisal management company shall not: A. alter, modify or otherwise change a completed appraisal report submitted by an independent appraiser without the appraiser’s written knowledge and consent; or B. use an appraisal report submitted by an independent appraiser for any other transaction. History: Laws 2009, ch. 214, § 19. ANNOTATIONS Effective dates. — Laws […]
Section 47-14-20 – Adjudication of disputes between an appraisal management company and an independent appraiser.
A. An appraisal management company shall not remove an appraiser from its appraiser panel, or otherwise refuse to assign requests for real estate appraisal services to an independent appraiser without notifying the appraiser in writing of the reasons for the appraiser being removed from the appraiser panel of the appraisal management company. If the appraiser […]