Rules & Regulations of the State of Tennessee
Title 0770 - Housing Development
Chapter 0770-01-02 - Homeownership Loan Program
Section 0770-01-02-.11 - APPRAISAL

(1) Appraisal Fee. The applicant shall pay to the Agency or its agent, an appraisal fee in an amount equal to the anticipated cost of the appraisal. The fee shall be paid upon requesting the appraisal.

(2) Form. All appraisals shall be submitted in a form and manner acceptable to the Agency and an applicable qualified insurer.

(3) Appraisal Standards. The Agency shall provide appraisal standards to be followed in the determination of the acceptability and value of the property. The standards shall reflect minimum property standards established by the Agency pursuant to Rule 0770-1-2-.05(d) of these regulations and shall be consistent with those standards generally acceptable to the various qualified insurers.

(4) Approved Appraisers. All homes will be appraised prior to loan approval by an approved appraiser. The Agency may designate as an approved appraiser any individual who is an employee of the Agency authorized to appraise homes, or an independent contract appraiser, and who has appraisal experience and background acceptable to the Agency. An appraiser shall be designated APPROVED prior to the submission of the appraisal.