Effective 5/10/2016 61-2e-301. Use of licensed or certified appraisers. (1) An appraisal management company required to be registered under this chapter may not enter into an agreement with an appraiser for the performance of a real estate appraisal activity unless the appraiser is licensed or certified in good standing pursuant to Chapter 2g, Real Estate […]
Effective 5/8/2018 61-2e-302. Adherence to standards. (1) An appraisal management company required to be registered under this chapter shall have a system in place to: (a) ensure that the appraisal management company only selects for a real estate appraisal activity an appraiser who: (i) is independent of the transaction; and (ii) has the requisite education, […]
Effective 5/12/2015 61-2e-303. Recordkeeping. (1) An appraisal management company required to be registered under this chapter shall: (a) maintain a detailed record of the following for the same time period an appraiser is required to maintain an appraisal record for the same real estate appraisal activity: (i) a real estate appraisal activity request that the […]
Effective 5/10/2016 61-2e-304. Required disclosure — Customary and reasonable compensation. (1) Before an appraisal management company may receive money from a client for a real estate appraisal activity requested by the client, the appraisal management company shall disclose to the client the total compensation that the appraisal management company pays to the appraiser who performs […]
Effective 5/10/2016 61-2e-305. Employee requirements. (1) Subsection (2) applies to an individual who: (a) (i) is an employee of an appraisal management company; or (ii) works on behalf of an appraisal management company; and (b) (i) selects an appraiser for the performance of a real estate appraisal activity for the appraisal management company; or (ii) […]
Effective 5/12/2020 61-2e-306. Removal of appraiser from appraisal panel. (1) An appraisal management company may not remove the appraiser from the appraisal management company’s appraiser panel, or otherwise refuse to assign a request for a real estate appraisal activity to the appraiser without: (a) notifying the appraiser in writing of: (i) the reason why the […]
Effective 5/9/2017 61-2e-307. Prohibited acts — Exclusions. (1) An appraisal management company required to be registered under this chapter and a controlling person, employee, or agent of the appraisal management company may not: (a) engage in an act of coercion, extortion, intimidation, or bribery for any purpose related to an appraisal; (b) compensate an appraiser […]
