Current through Bulletin 2024-18, September 15, 2024
(1) "Affiliation" means a business
association:
(a) between:
(i) two individuals registered, licensed, or
certified under Title 61, Chapter 2g, Real Estate Appraiser Licensing and
Practices Act; or
(ii) an
individual registered, licensed, or certified under Title 61, Chapter 2g, Real
Estate Appraiser Licensing and Practices Act and:
(A) an appraisal entity; or
(B) a government agency;
(b) for providing an appraisal
service; and
(c) regardless of
whether an employment relationship exists between the parties.
(2) The acronym "AMC" stands for
appraisal management company.
(3)
"Business day" means a day other than:
(a) a
Saturday;
(b) a Sunday;
or
(c) a state or federal
holiday.
(4) "Client" is
defined in Subsection
61-2e-102(10).
(5) "Competency statement" means a statement
provided by the AMC to the appraiser that, at a minimum, requires the appraiser
to attest that the appraiser:
(a) is competent
according to USPAP standards;
(b)
recognizes and agrees to comply with:
(i) laws
and rules that apply to the appraiser and to the assignment;
(ii) assignment conditions; and
(iii) the scope of work outlined by the
client; and
(c) has
access, either independently or through an affiliation pursuant to Subsection
(1), to the records necessary to complete a credible appraisal, including:
(i) multiple listing service data;
and
(ii) county records.
(6) For purposes of
this rule, "Employee" means an individual:
(a)
whose manner and means of work performance are subject to the right of control
of, or are controlled by, another person; and
(b) whose compensation for federal income tax
purposes is reported, or is required to be reported, on a W-2 form issued by
the controlling person.
(7) For purposes of this rule, "Employee"
does not mean an independent contractor who performs duties other than at the
discretion of, and subject to the supervision and instruction of, another
person.
(8) For purposes of Section
R162-2e-304 the term "general
criteria" means a standard description of the factors the AMC considers when
ranking or differentiating appraisers or tiers within a panel of
appraisers.
(9) "Select" means:
(a) for purposes of composing the AMC
appraiser panel, to review and evaluate the qualifications of an appraiser who
applies to be included on the AMC's appraiser panel; and
(b) for purposes of assigning an appraisal
activity to an appraiser:
(i) to choose from
the AMC's appraiser panel an individual appraiser or appraisal entity to
complete an assignment; or
(ii) to
compile, from among the appraisers included in the AMC's appraiser panel, an
electronic distribution list of appraisers to whom an assignment will be
offered through email.
(10) "Third-Party Property Data Collector"
means a person engaged to collect relevant property data characteristics or who
conducts a property site visit of the subject property for use in a valuation
assignment performed by an appraiser.
(11) The acronym "USPAP" stands for Uniform
Standards of Professional Appraisal Practice. The 2024 edition of USPAP is
incorporated by reference.
