Compilation of Rules and Regulations of the State of Georgia
Department 539 - RULES OF GEORGIA REAL ESTATE APPRAISERS BOARD
Chapter 539-1 - SUBSTANTIVE REGULATIONS
Rule 539-1-.23 - Appraisal Management Companies
Current through Rules and Regulations filed through September 23, 2024
An appraisal management company shall not:
(a) fail to preserve the data and format of the appraisal as submitted by the appraiser;
(b) with the exception of review appraisals, redact any information on the appraisal, including but not limited to the name and classification number(s) of the appraiser(s);
(c) indicate or represent to any party that it is acting in any capacity other than a conduit between an appraiser and a client;
(d) require an appraiser to submit a report in an unsecured format;
(e) operate without a controlling person for more than 60 days;
(f)fail to satisfy payment obligations for work performed by an appraiser for a period greater than 30 days from the date of completion of an appraisal, unless otherwise agreed to by all parties in writing;
(g) fail to include its registration number in any appraisal order;
(h) require an appraiser to indemnify it or hold it harmless from any liability, damage, losses or claims arising out of the services provided by it. This prohibition shall not preclude indemnification agreements for services performed by the appraiser; or
(i) pay any fee to an appraiser performing or attempting to perform any real estate appraisal activity in a federally related transaction without complying with the rules to regulate such transactions in accordance with 15 U.S.C. Section 1601, et seq., and the regulations promulgated there under as well as the standards required by the federal financial institutions regulatory agency that regulates the financial transaction for which the appraisal assignment is undertaken, including, but not limited to, compensation to appraisers at a rate that is customary and reasonable for comparable appraisals being performed for one- to four-family residential units in the geographic area of the property being appraised. For purposes of this rule, geographic area may be defined by zip code, city, county, metropolitan statistical area, or a combination of contiguous counties in a non metropolitan statistical area.
O.C.G.A. Secs. 43-39A-3, 43-39A-13.