Alaska Administrative Code
Title 12 - Professional Regulations
Part 1 - Boards and Commissions Subject to Centralized Licensing
Chapter 70 - Board of Certified Real Estate Appraisers
Article 1 - Application and Examination Requirements
12 AAC 70.160 - Real estate appraisal management company registration

Universal Citation: 12 AK Admin Code 70.160

Current through August 30, 2024

(a) An applicant for registration as a real estate appraisal management company shall submit

(1) a complete notarized application on a form approved by the board and provided by the department that includes

(A) the names and addresses of all owners of the company, including natural persons or entities;

(B) the name and contact information of the company's agent if applicable under AS 08.87.135(a)(2);

(D) a list of all states in which the appraisal management company performs appraisals;

(E) the name of the controlling person and evidence satisfactory to the board that the controlling person

(i) has an active real estate appraiser certificate in good standing in a state;

(ii) has not had a real estate appraiser certificate denied, cancelled, suspended, revoked, put on probation, or surrendered in lieu of a pending revocation, as described in AS 08.87.135(b)(2), and for a substantive cause as determined by the same state that issued the certificate

(iii) is of good moral character; and

(F) certification that the

(i) appraisers on the appraiser panel are in compliance with the Uniform Standards of Professional Appraisal Practice (USPAP) and are qualified to conduct federally related transactions under federal law;

(ii) owners are in compliance with (b) of this section; and

(iii) appraisals are conducted independently and free from inappropriate influence and coercion as required by AS 08.87.135(a)(6);

(2) the applicable fees required in 12 AAC 02.370; and

(3) a copy of a surety bond in the amount of $50, 000.

(b) Owners of the appraisal management company may not have had a real estate appraiser certificate denied, cancelled, suspended, revoked, put on probation, or surrendered in lieu of a pending revocation as descried in accordance with AS 08.87.135(a)(7), and for a substantive cause as determined by the same state that issued the certificate. A person who owns at least 10 percent of a real estate management company must be of good moral character as defined in this section.

(c) "Good moral character" under this section is defined as a personal history of honesty, fairness, and respect for the rights of others and for state and federal law. A person applying for a registration is ineligible for registration due to failure to satisfy the requirement of good moral character if

(1) there is substantial connection between the lack of good moral character of the person and the professional responsibilities of an appraiser, a controlling person, or owner of an appraisal management company; and

(2) the finding by the board of lack of good moral character is supported by clear and convincing evidence.

Authority:AS 08.87.020

AS 08.87.130

AS 08.87.135

Disclaimer: These regulations may not be the most recent version. Alaska may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.

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