Utah Code 61-2e-104. Exemption
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This chapter does not apply to:
(1) an entity that:
Terms Used In Utah Code 61-2e-104
- Applicable appraisal standards: means :(1)(a) the Uniform Standards for Professional Appraisal Practice:(1)(a)(i) published by the Appraisal Foundation; and(1)(a)(ii) as adopted under Section 61-2g-403;(1)(c) rules made by the board under Chapter 2g, Real Estate Appraiser Licensing and Certification Act. See Utah Code 61-2e-102
- Appraisal: A determination of property value.
- Appraisal: means the same as that term is defined in Section 61-2g-102. See Utah Code 61-2e-102
- Appraiser: means an individual who engages in a real estate appraisal activity. See Utah Code 61-2e-102
- Entity: means :(18)(a) a corporation;(18)(b) a partnership;(18)(c) a sole proprietorship;(18)(d) a limited liability company;(18)(e) another business entity; or(18)(f) a subsidiary or unit of an entity described in Subsections (18)(a) through (e). See Utah Code 61-2e-102
- Federally regulated appraisal management company: means an appraisal management company that is:(19)(a) owned and controlled by an insured depository institution, as defined in Utah Code 61-2e-102
- Real estate appraisal activity: means the same as that term is defined in Section 61-2g-102. See Utah Code 61-2e-102
(1)(a) exclusively employs an individual on an employer-employee basis for the performance of a real estate appraisal activity in the normal course of the entity’s business;
(1)(b) is responsible for ensuring that the real estate appraisal activity being performed by an employee is performed in accordance with applicable appraisal standards; and
(1)(c) is a federally regulated appraisal management company;
(2) an individual who:
(2)(a) is an appraiser; and
(2)(b) in the normal course of business enters into an agreement, whether written or otherwise, with another appraiser for the performance of a real estate appraisal activity that the individual cannot complete for any reason, including:
(2)(b)(i) competency;
(2)(b)(ii) work load;
(2)(b)(iii) schedule; or
(2)(b)(iv) geographic location; or
(3) an individual who:
(3)(a) in the normal course of business enters into an agreement, whether written or otherwise, with an appraiser for the performance of a real estate appraisal activity; and
(3)(b) under the agreement, cosigns the report of the appraiser performing the real estate appraisal activity upon the completion of the real estate appraisal activity.