Delaware Code Title 24 Sec. 4029 – Annual certification; renewal
(a) Each appraisal management company registered in this State shall certify to the Council on an annual basis at the time of renewal, on a form prescribed by the Council and after paying the appropriate fee, that the appraisal management company has a system and process in place to verify that a person being added to the appraiser panel of the appraisal management company holds a license or certificate in good standing in this State pursuant to the Council.
Terms Used In Delaware Code Title 24 Sec. 4029
- 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:
- 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
- Council: shall mean the State Council on Real Estate Appraisers established in this chapter. See Delaware Code Title 24 Sec. 4002
- 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.
- State: shall mean the State of Delaware. See Delaware Code Title 24 Sec. 4002
(b) Each appraisal management company registered in this State shall certify to the Council on an annual basis, at the time of renewal, that it has a system in place to review the quality of appraisals 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.
(c) Each appraisal management company registered shall certify to the Council on an annual basis, at the time of renewal, that it maintains a detailed record of each service request that it receives and the name of the independent appraiser that performs the real property appraisal services for the appraisal management company. An appraisal management company shall maintain a detailed record for the same time period that an appraiser is required to maintain an appraisal record for the same real property appraisal activity.
(d) Each appraisal management company registered shall certify to the Council on an annual basis, at the time of renewal, that it 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.