Utah Administrative Code
Topic - Commerce
Title R162 - Real Estate
Rule R162-2e - Appraisal Management Company Administrative Rules
Section R162-2e-102 - Definitions
Universal Citation: UT Admin Code R 162-2e-102
Current through Bulletin 2024-06, March 15, 2024
(1) "Affiliation" means a business association:
(a) between:
(i) two individuals registered, licensed, or
certified under Section 61-2g; or
(ii) an individual registered, licensed, or
certified under Section 61-2g and:
(A) an
appraisal entity; or
(B) a
government agency;
(b) for the purpose of 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 Section 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 regulations 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)
(a) "Employee" means an individual:
(i) whose manner and means of work
performance are subject to the right of control of, or are controlled by,
another person; and
(ii) 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.
(b) "Employee" does not include an
independent contractor who performs duties other than at the discretion of, and
subject to the supervision and instruction of, another person.
(c) For purposes of applying Subsection
R162-2e-401(1)
(g), an appraiser who completes an assignment is considered to be an employee
of the AMC that offers the assignment if:
(i)
this subsection (a) describes the employment relationship between the appraiser
and the AMC; or
(ii) pursuant to
this subsection (a), the appraiser is an employee of a company:
(A) that is wholly owned by the AMC;
or
(B) in which the AMC owns a
controlling interest.
(7) "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 e-mail.
(8) The acronym "USPAP" stands for Uniform Standards of Professional Appraisal Practice.
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