61-2e-305.  Employee requirements.

(1)  Subsection (2) applies to an individual who:

Terms Used In Utah Code 61-2e-305

  • 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
  • Board: means the Real Estate Appraiser Licensing and Certification Board that is created in Section 61-2g-204. See Utah Code 61-2e-102
  • Concurrence: means that the entities that are given a concurring role must jointly agree before an action may be taken. 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
  • Real estate appraisal activity: means the same as that term is defined in Section 61-2g-102. See Utah Code 61-2e-102
    • (a) 

    (i)  is an employee of an appraisal management company; or

    (ii)  works on behalf of an appraisal management company; and

    (b) 

    (i)  selects an appraiser for the performance of a real estate appraisal activity for the appraisal management company; or

    (ii)  reviews a completed appraisal.

    (2) 

    (a)  An individual described in Subsection (1) is required to be appropriately trained and qualified in the performance of an appraisal, as determined by rule made by the board, with the concurrence of the division, in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.

    (b)  For purposes of an individual described in Subsection (1) who reviews the work of an appraiser, to comply with this Subsection (2), the individual shall demonstrate knowledge of the applicable appraisal standards, as determined by rule made by the board, with the concurrence of the division, in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.

    Amended by Chapter 25, 2016 General Session

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