§ 62-39-407. Completion of Irrevocable Uniform Consent to Service of Process
Each entity applying for a registration as an appraisal management company in Tennessee shall complete an irrevocable uniform consent to service of process, as prescribed by the commission.
§ 62-39-408. Registration Fees — Surety Bond
The commission shall establish by rule and regulation the fee to be paid by each appraisal management company seeking registration under this part, such that the sum of the fees paid by all appraisal management companies seeking registration under this section shall be sufficient for the administration of this part. The commission shall charge and […]
§ 62-39-409. Appraisal Management Company Ownership Restrictions
An appraisal management company applying for a registration in this state shall not be owned, in whole or in part, directly or indirectly, by: Any person who has had a license or certificate to act as an appraiser refused, denied, canceled, revoked, or surrendered in lieu of revocation in any state for a substantive cause, […]
§ 62-39-332. Records Retention
A state licensed or certified real estate appraiser shall retain the following records for five (5) years or for at least two (2) years after the disposition of any civil, criminal or administrative proceeding in which testimony was given about an appraisal assignment or appraisal report, whichever period expires last: Originals and true copies of […]
§ 62-39-333. Commission — Authority to Promulgate Rules and Regulations
The commission shall have the authority to promulgate rules and regulations pursuant to the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, as may be necessary to ensure compliance with the Financial Institutions Reform, Recovery and Enforcement Act of 1989, and other federal law that may be applicable. It is the intent of […]
§ 62-39-334. Court Testimony — Receipt of Fee
This chapter shall not act or be construed to prohibit a real estate broker licensed under chapter 13 of this title from testifying as to the value of property in court cases as an expert witness and receiving a fee for the testimony subject to review by the court.
§ 62-39-335. Minimum Requirements
It is the legislative intent that this chapter shall not require an applicant to have more than the minimum hourly requirements of education and experience in order to qualify for full licensure or certification. The minimum requirements are those requirements set forth by the appraisal foundation. The Tennessee real estate appraisal commission has the authority […]
§ 62-39-336. Temporary Practice Permits — Administrative Action — Consent to Suit
The commission may issue a temporary practice permit to a nonresident of this state who is properly licensed or certified in another state. The holder of a valid temporary practice permit shall be authorized to perform appraisals in this state subject to the requirements of this chapter and the rules promulgated by the commission. The […]
§ 62-39-401. Short Title
This part shall be known and may be cited as the “Tennessee Appraisal Management Company Registration and Regulation Act.”
§ 62-39-402. Part Definitions
For purposes of this part, unless the context otherwise requires: “Affiliate” has the meaning provided in 12 U.S.C. § 1841; “AMC National Registry” means the registry of state-registered AMCs and federally regulated AMCs maintained by the appraisal subcommittee; “Appraisal” means the act or process of developing an opinion of value of identified real estate. That […]