§ 32-3672 Certification on registration renewal

AZ Rev Stat § 32-3672 (2019) (N/A)

Copy with citation

Copy as parenthetical citation

32-3672. Certification on registration renewal

Each appraisal management company seeking registration renewal in this state shall certify to the superintendent on a form prescribed by the superintendent that the appraisal management company has complied with all of the following:

1. Has a system and process in place to verify that a person being added to the appraiser panel of the appraisal management company holds a license or certificate in good standing in this state pursuant to the superintendent.

2. Has a system in place to review the quality of appraisals of all independent appraisers that are performing real property appraisal services for the appraisal management company on a periodic basis to confirm that the real property appraisal services are being conducted in accordance with uniform standards of professional appraisal practice.

3. Maintains a detailed record of each service request that it receives and the name of the independent appraiser that performs the real property appraisal services for the appraisal management company. The appraisal management company shall maintain a detailed record for the same time period that an appraiser is required to maintain an appraisal record for the same real property appraisal activity.

4. Has a system in place to train those who select individual appraisers for real property appraisal services in this state to ensure that the selectors have appropriate training in placing appraisal assignments.

Previous Section

§ 32-3671 Agreements with independent appraisers; limitations

Next Section

§ 32-3673 Disclosure of fees