61-2e-302. Adherence to standards.
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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, expertise, and experience necessary to competently complete the real estate appraisal activity for the particular market and property type;
(b)review the work of an appraiser who performs a real estate appraisal activity for the appraisal management company on a periodic basis to ensure that a real estate appraisal activity is conducted in accordance with applicable appraisal standards; and
(c)ensure that the appraisal management company conducts appraisal management services in accordance with the requirements of the Truth in Lending Act, 15 U.S.C. Sec. 1639e(a)-(i), and the regulations thereunder.
(2)As part of the registration process under Part 2, Registration , an appraisal management company shall biennially provide an explanation of each system described in Subsection
(1)in the form prescribed by the division.
Amended by Chapter 213 , 2018 General Session