Delaware Code Title 24 Sec. 4022 – Registration of appraisal management companies
(a) A person shall not directly or indirectly engage or attempt to engage in business as an appraisal management company, directly or indirectly perform or attempt to perform appraisal management services or advertise or hold itself out as engaging in or conducting business as an appraisal management company without first obtaining a registration issued by the Council pursuant to this section, regardless of the entity’s use of appraisal management company, mortgage technology company or any other name.
Terms Used In Delaware Code Title 24 Sec. 4022
- Appraisal: A determination of property value.
- Appraisal: shall mean an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects of, identified real estate as of a specific date. See Delaware Code Title 24 Sec. 4002
- Appraisal management company: means a corporation, partnership, sole proprietorship, subsidiary or other business entity that directly or indirectly performs appraisal management services, regardless of the use of the term "appraisal management company" "mortgage technology provider" "lender processing services" "lender services" "loan processor" "mortgage services" "real estate closing services provider" "settlement services provider" "vendor management company" or any other term, and that does any of the following:
- Appraisal management services: means the process of receiving a request for the performance of real property appraisal services from a client, and for a fee paid by the client, entering into an agreement with 1 or more independent appraisers who are part of an appraiser panel to perform the real property appraisal services contained in the request. See Delaware Code Title 24 Sec. 4002
- Appraiser panel: means a group of independent appraisers that has been selected by an appraisal management company to perform real property appraisal services for the appraisal management company. See Delaware Code Title 24 Sec. 4002
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Council: shall mean the State Council on Real Estate Appraisers established in this chapter. See Delaware Code Title 24 Sec. 4002
- Division: shall mean the State Division of Professional Regulation. See Delaware Code Title 24 Sec. 4002
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: shall mean an individual, firm, partnership, corporation, association, joint stock company, limited partnership, limited liability company, and any other legal entity and includes a legal successor of those entities. See Delaware Code Title 24 Sec. 4002
- Real property: shall mean 1 or more defined interests, benefits, and rights inherent in the ownership of real estate. See Delaware Code Title 24 Sec. 4002
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Service of process: The service of writs or summonses to the appropriate party.
- State: shall mean the State of Delaware. See Delaware Code Title 24 Sec. 4002
- Trustee: A person or institution holding and administering property in trust.
(b) A person who wishes to be registered as an appraisal management company in this State must file a written application with the Council on a form prepared and furnished by the Council and pay a fee in an amount to be determined by the Division of Professional Regulation. The registration required by subsection (a) of this section shall include:
(1) The name, residence address, business address and telephone number of the applicant and the location of each principal office and branch office at which the appraisal management company will conduct business in this State.
(2) The name under which the applicant will conduct business as an appraisal management company.
(3) The name, residence address, business address and telephone number of each person who will have an interest in the appraisal management company as a principal, partner, officer, director or trustee, specifying the capacity and title of each person.
(4) If the person seeking registration is a corporation that is not domiciled in this State, the name and contact information for the company’s registered agent for service of process in this State.
(5) A certification that the person seeking registration has a system and process in place to verify that a person being added to the appraiser panel for the appraisal management company’s appraisal management services in this State holds a license or certification in good standing in this State.
(6) A certification that the person seeking registration has a system in place to review the work of all independent appraisers that are performing real property appraisal services for the appraisal management company on a periodic basis to confirm that the real property appraisal services are being conducted in accordance with Uniform Standards of Professional Appraisal Practice.
(7) A certification that the person maintains a detailed record of each service request that it receives and the independent appraiser that performs the real property appraisal services for the appraisal management company.
(8) A certification that the person seeking registration has a system in place to train those who select individual appraisers for real property services in this State, to ensure that the selectors have appropriate training in placing appraisal assignments.
(9) Proof of a surety bond of $20,000.
(10) A registration fee to cover the cost of enrollment in the federal roster or registry.