61-2e-303. Recordkeeping.
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/ut/title-61/chapter-2e/61-2e-303A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 appraisal management company receives; and
(ii)the appraiser that performs the real estate appraisal activity described in Subsection
(1)for the appraisal management company; and
(b)retain for at least five years any file reviewed by the appraisal management company in accordance with Section 61-2e-302 and any documents that relate to the review, including:
(i)the appraisal;
(ii)any documentation of the review; and
(iii)any correspondence that relates to the review.
(2)As part of the registration process under Part 2, Registration , an appraisal management company shall biennially provide an explanation of its recordkeeping described in Subsection
(1)in the form prescribed by the division.
Amended by Chapter 262 , 2015 General Session