61-2e-302.  Adherence to standards.

(1)  An appraisal management company required to be registered under this chapter shall have a system in place to:

Terms Used In Utah Code 61-2e-302

  • Applicable appraisal standards: means :
(a) the Uniform Standards for Professional Appraisal Practice:
(i) published by the Appraisal Foundation; and
(ii) as adopted under Section 61-2g-403;
(b) Chapter 2g, Real Estate Appraiser Licensing and Certification Act; and
(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
  • Division: means the Division of Real Estate, created in Section 61-2-201, of the Department of Commerce. See Utah Code 61-2e-102
  • Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
  • Property: includes both real and personal property. See Utah Code 68-3-12.5
  • Real estate appraisal activity: means the same as that term is defined in Section 61-2g-102. See Utah Code 61-2e-102
  • Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
    • (a)  ensure that the appraisal management company only selects for a real estate appraisal activity an appraiser who:

    (i)  is independent of the transaction; and

    (ii)  has the requisite education, expertise, and experience necessary to competently complete the real estate appraisal activity for the particular market and property type;

    (b)  review the work of an appraiser who performs a real estate appraisal activity for the appraisal management company on a periodic basis to ensure that a real estate appraisal activity is conducted in accordance with applicable appraisal standards; and

    (c)  ensure that the appraisal management company conducts appraisal management services in accordance with the requirements of the Truth in Lending Act, 15 U.S.C. § 1639e(a)-(i), and the regulations thereunder.

    (2)  As part of the registration process under 2, an appraisal management company shall biennially provide an explanation of each system described in Subsection (1) in the form prescribed by the division.

    Amended by Chapter 213, 2018 General Session

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