(a) No person shall directly or indirectly engage or attempt to engage in business as an appraisal management company, to directly or indirectly engage or attempt to perform appraisal management services, or to advertise or hold itself out as engaging in or conducting business as an appraisal management company without first obtaining a registration issued by the commission under this part.
Terms Used In Tennessee Code 62-39-403
Appraisal: A determination of property value.
Appraisal: means the act or process of developing an opinion of value of identified real estate. See Tennessee Code 62-39-402
Appraiser: means an individual who holds a license under part 1 of this chapter. See Tennessee Code 62-39-402
Controlling person: means :(A) An owner, officer or director of a corporation, partnership, or other business entity seeking to offer appraisal management services in this state. See Tennessee Code 62-39-402
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.
Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
Person: means a natural person or an entity, including a corporation, limited liability company, partnership, sole proprietorship, association, cooperative, estate, trust, or government unit. See Tennessee Code 62-39-402
Real estate: means an identified parcel or tract of land, including improvements, if any. See Tennessee Code 62-39-102
Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. See Tennessee Code 1-3-105
Service of process: The service of writs or summonses to the appropriate party.
State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
USPAP: means the appraisal standards promulgated by the Appraisal Standards Board of the Appraisal Foundation. See Tennessee Code 62-39-402
(b) The registration required by subsection (a) shall, at a minimum, include the following:
(1) Name of the entity seeking registration;(2) Business address of the entity seeking registration which must be located and maintained within this state;(3) Phone contact information of the entity seeking registration;(4) If the entity is not a corporation that is domiciled in this state, the name and contact information for the company’s agent for service of process in this state;(5) The name, address, and contact information for any individual or any corporation, partnership, or other business entity that owns ten percent (10%) or more of the appraisal management company;(6) The name, address, and contact information for a designated controlling person to be the primary communication source for the commission;(7) A certification that the entity has a system and process in place to verify that a person being added to the appraiser panel of the appraisal management company for appraisal services to be performed in Tennessee holds a license or certification in good standing in Tennessee pursuant to part 3 of this chapter, if a license or certification is required to perform appraisals, pursuant to § 62-39-415;(8) A certification that the entity has a system in place to review the work of all appraisers who are performing real estate appraisal services in Tennessee for the appraisal management company on a periodic basis to validate that the real estate appraisal services are being conducted in accordance with USPAP, pursuant to § 62-39-416;(9) A certification that the entity maintains a detailed record of each service request that it receives for appraisal services within this state and the appraiser who performs the real estate appraisal services for the appraisal management company, pursuant to § 62-39-417;(10) An irrevocable uniform consent to service of process, pursuant to § 62-39-407; and(11) Any other reasonable information required by the commission to complete the registration process.
