Current through Reg. 50, No. 187; September 24, 2024
(1) Upon issuance of a registration number by
the Department, an appraisal management company shall disclose its issued
registration number on each solicitation for engagement and each engagement
letter utilized in assigning an appraisal request for real estate appraisal
assignments in Florida.
(2) An
appraisal management company shall:
(a)
Verify that an appraiser being added to its appraiser panel to appraise
properties in Florida holds a license in good standing in Florida. The
appraisal management company shall verify the status of the appraiser by
contacting the Department or utilizing the National Registry of the Appraisal
Subcommittee:
(b) Engage only
state-certified or state-licensed appraisers for:
1. Federally related transactions in
conformity with any Federally related transaction regulations;
2. All other appraisal
services.
(b) Establish
and comply with processes and controls reasonably designed to ensure that the
appraisal management company engaging an appraiser, selects an appraiser who is
independent of the transaction and who has the requisite education, expertise,
and experience necessary to competently complete the appraisal assignment for
the particular market and property type;
(c) Direct the appraiser to perform the
assignment in accordance with USPAP; and
(d) Establish and comply with processes and
controls reasonably designed to ensure that the appraisal management company
conducts its appraisal management services in accordance with the requirements
of Section 120E(a) through (i) of the Truth in Lending Act,
15 U.S.C.
1639e(a) through (i), and
regulations thereunder.
(3) Before or at the time an appraiser
accepts an assignment, the appraisal management company shall require the
appraiser to declare in writing or via electronic means that the appraiser
receiving the assignment is a competent appraiser for the performance of the
appraisal being assigned.
(4) An
appraisal management company must include instructions to appraisers in letters
of engagement to decline the assignment in the event the appraiser is not
geographically competent or the assignment falls outside the appraiser's scope
of practice restrictions.
(5) An
appraisal management company cannot:
(a)
Require that an appraiser prepare an appraisal if the appraiser, in the
appraiser's own independent professional judgment believes that she or he does
not have the necessary expertise for the assignment or for the specific
geographic area and has notified the appraisal management company and declined
the assignment;
(b) Require that an
appraiser prepare an appraisal within a time frame that the appraiser, in the
appraiser's own professional judgment believes does not afford he or she the
ability to meet all the relevant legal and professional obligations, and the
appraiser has notified the appraisal management company and declined the
assignment; or
(c) Require that an
appraiser provide the appraisal management company with the appraiser's digital
signature or seal.
(6) An
appraisal management company that has a reasonable basis to believe an
appraiser has failed to comply with the Uniform Standards of Professional
Appraisal Practice or any applicable laws or rules in connection with an
appraisal, shall refer the matter to the Board if the failure to comply is
likely to significantly affect the opinion of value.
(7) In complying with section
475.629, F.S., all appropriate
records may be maintained in printed electronic form. Such records shall
include records documenting any notices provided to appraisers removed from the
appraisal management company's panel.
(8) When removing an appraiser from an
appraisal management company's appraiser panel, the appraisal management
company shall:
(a) Document the appraisal
report or communication, appraisal review report or communication, or
consulting assignment report or communication, supporting such action, if
applicable;
(b) Document the
provision of the appraiser with prior written notice as to the reasons for the
appraiser's removal, in compliance with section 475.6245(1)(s)8., F.S.;
and
(c) Provide the appraiser the
opportunity to respond to such notice prior to removal.
(9) Each solicitation for engagement by an
appraisal management company for an appraiser's services must include the
following items:
(a) The name of the
AMC;
(b) Appraisal management
company's registration number;
(c)
If the assignment is retrospective the effective date must be
provided;
(d) The specific intended
use;
(e) Type of value;
(f) A description of the reporting level
expected;
(g) The identification of
the subject to include the property address, county, property type and property
rights as requested by the client;
(h) Point of contact for discussion of
conditions and scope of work;
(i)
Other assignment conditions;
(j)
The expected delivery date; and
(k)
The terms of payment to the appraiser unless otherwise in a
contract.
Rulemaking Authority
475.614,
475.629,
475.6235 FS. Law Implemented
475.614,
475.6235,
475.629
FS.
New 6-26-13, Amended
8-20-19.
