Kansas Statutes 58-4702. Purpose of act
Terms Used In Kansas Statutes 58-4702
- Appraisal: A determination of property value.
- Appraisal: has the meaning specified in Kan. See Kansas Statutes 58-4703
- Appraisal management services: means to perform or attempt to perform, directly or indirectly, any one or more of the following functions on behalf of a lender, financial institution, client, or any other person:
(1) Administer an appraiser panel;
(2) recruit, qualify, verify licensing or certification and negotiate fees and service level expectations with any person who is part of an appraiser panel;
(3) receive an order for an appraisal from one entity and deliver the order for the appraisal to an appraiser that is part of an appraiser panel for completion;
(4) track and determine the status of orders for appraisals;
(5) conduct quality control of a completed appraisal prior to the delivery of such appraisal to the person that ordered the appraisal; or
(6) submit a completed appraisal performed by an appraiser to one or more clients. See Kansas Statutes 58-4703
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
(a) It is the intent of the legislature to develop a process for real estate appraisal management company registration and regulation in order to protect lenders, financial institutions, clients, consumers and the public from economic and financial harm and the potential for such harm that may result from interference with the independence, objectivity and impartiality of the real estate appraisal process.
(b) The purpose of the Kansas appraisal management company registration act is to provide a process for the registration and regulation of entities conducting, performing or engaging in, or attempting to conduct, perform or engage in, real estate appraisal management services as a real estate appraisal management company within the state of Kansas.