Utah Code 61-2e-303. Recordkeeping

61-2e-303. Recordkeeping.

(1)

An appraisal management company required to be registered under this chapter shall:

Terms Used In Utah Code 61-2e-303

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
Real estate appraisal activity: means the same as that term is defined in Section 61-2g-102. See Utah Code 61-2e-102

(a)

maintain a detailed record of the following for the same time period an appraiser is required to maintain an appraisal record for the same real estate appraisal activity:

(i)	a real estate appraisal activity request that the appraisal management company receives; and

(ii)	the appraiser that performs the real estate appraisal activity described in Subsection (1) for the appraisal management company; and

(b)

retain for at least five years any file reviewed by the appraisal management company in accordance with Section 61-2e-302 and any documents that relate to the review, including:

(i)	the appraisal;

(ii)	any documentation of the review; and

(iii)

any correspondence that relates to the review.

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

Amended by Chapter 262, 2015 General Session

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