Administrative Rules of Montana
Department 24 - LABOR AND INDUSTRY
Chapter 24.207 - BOARD OF REAL ESTATE APPRAISERS
Subchapter 24.207.15 - Appraisal Management Company
Rule 24.207.1509 - AMC AUDIT REQUIREMENTS

Universal Citation: MT Admin Rules 24.207.1509

Current through Register Vol. 18, September 20, 2024

(1) Upon request of the board or board's representative, each appraisal management company selected for audit must provide the following information to the board office in the form required by the board:

(a) company written policy for quality control examinations and appraisal reviews;

(b) company written policy for determining the good standing of each appraiser panel member;

(c) company written policy requiring appraisers completing appraisal assignments, at its request, to comply with the Uniform Standards of Professional Appraisal Practice, including the requirements for geographic and product competence; and

(d) the following information regarding the removal of an appraiser from the company's appraiser panel:
(i) number of appraisers removed from the panel in the 12 months preceding renewal;

(ii) reasons for each removal, if not otherwise provided in the written removal notification; and

(iii) a copy of the written removal notification provided to each appraiser that was removed.

(2) In addition to the information specified in (1), for each member of the appraiser panel, an appraisal management company selected for audit must provide upon request of the board or board's representative:

(a) name of each appraiser on the company's appraiser panel and the number of engagements performed by each appraiser in the 12 months preceding renewal;

(b) name and license number of each Montana licensed or certified appraiser who performed an appraisal review of an appraisal report in the 12 months preceding renewal, as part of the company's system or process pursuant to 37-54-511, MCA; and

(c) any appraisal review performed for USPAP compliance for each panel member as required by 37-54-511, MCA, and the corresponding appraisal report, including:
(i) address of property appraised;

(ii) date assigned and date completed; and

(iii) name and license number of appraiser who performed the appraisal review.

(3) Prior to commencing audits, the board shall annually, by motion, identify the information to be collected from each audited appraisal management company under (1) and (2). The board or board's representative may elect to request only a portion or percentage of the appraisal management company's records. The board is not required to collect and review all of the records that could be made available to the board pursuant to this rule, in order to discharge its auditing duties under 37-54-512, MCA.

(4) Discrepancies in the documentation will result in further audit.

(5) Each appraisal management company shall pay an audit fee in accordance with ARM 24.207.401(2)(k). Any audit costs above the fee in ARM 24.207.401(2)(k) will be billed directly to the appraisal management company.

37-54-105, MCA; IMP, 37-54-512, 37-54-513, MCA;

Disclaimer: These regulations may not be the most recent version. Montana 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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