(1) In addition to the disclosures required
by Section
61-2e-304, an AMC shall:
(a) notify the appraiser in writing when an
appraiser is first added to an appraiser panel:
(i) of the general criteria the AMC uses to
rank an appraiser on the panel; and
(ii) if the AMC chooses to separate
appraisers into different tiers, of the general criteria the AMC uses to
distinguish one tier from another;
(b) notify the affected appraisers in writing
of any changes if, after the notice provided for in Subsection (1)(a), the AMC
changes any of the general criteria the AMC considers relative to an
appraiser's ranking, tier, or classification within the panel
structure;
(c) when an assignment
is offered, disclose to the appraiser:
(i) the
total amount that the appraiser may expect to earn from the assignment:
(A) disclosed as a dollar amount;
and
(B) delineating any fees or
costs that will be charged by the AMC to the appraiser;
(ii)
(A)
the property address;
(B) the legal
description; or
(C) equivalent
information that would allow the appraiser to determine whether the appraiser
has been involved with any service regarding the subject property within the
three years preceding the date on which the assignment is offered;
(iii) the assignment conditions
and scope of work requirements in sufficient detail to allow the appraiser to
determine whether the appraiser is competent to complete the
assignment;
(iv) for an appraisal
assignment that requires the appraiser to review relevant property data
characteristics provided by a third-party data collector, adequate information
to enable the appraiser to determine whether credible assignment results can be
produced including:
(A) the date of
collection;
(B) the identity of
collector; and
(C) other relevant
information; and
(v) any
known deadlines within which the assignment must be completed;
(d) at or before the time the
appraiser accepts an assignment, obtain the appraiser's acknowledgment as to
the AMC's competency statement;
(e)
before requiring the appraiser to submit a completed report, disclose to the
appraiser:
(i) the total fee that will be
collected by the AMC for the assignment; and
(ii) the total amount that the AMC will keep
from the fee charged, disclosed as a dollar amount; and
(f) direct the appraiser who performs the
real estate appraisal activity to disclose in the body of the appraisal report:
(i) the total compensation, stated as a
dollar amount, paid to the appraiser or, if the appraiser is employed by an
appraisal company, to the appraiser's employer; and
(ii) the total compensation kept by the AMC
in connection with the real estate appraisal activity, stated as a dollar
amount.
(2)
Notice to an appraiser pursuant to Subsection (1) does not require that an AMC
disclose any algorithm, formula, or information about the propriety processes
of the AMC.
(3) Within ten business
days of receiving a written request from an appraiser or any inquiry related to
the business relationship between the appraiser and the AMC, an AMC shall reply
to the appraiser in writing. An inquiry may address subjects including the AMC
scorecard, appraiser panel status, clarification on work assignments, training,
or notice of the removal of an appraiser from an AMC panel as required by
Section 61-2e-306. If the AMC has
requested appraisers send such inquiries to a specific address or email
address, appraisers shall direct such inquiries as follows:
(a) if the AMC has determined to decrease the
number of assignments to the appraiser the AMC's reply will explain the reason
why the AMC has made this decision;
(b) if the AMC has determined to stop
offering assignments to the appraiser, the AMC's reply will explain the reason
why the AMC has made this decision; and
(c) if the AMC has determined to remove the
appraiser from an appraiser panel, the AMC shall provide the appraiser notice
as required by Section 61-2e-306.
(4) Any written notice or reply required by
this section from an AMC to an appraiser may be communicated:
(a) by email;
(b) in a written communication to the mailing
address provided by the appraiser; or
(c) by posting to a private vendor website,
portal, or other digital venue to which the appraiser has access for at least
30 days following posting of the notice.
(5) In replying to a request from an
appraiser, an AMC is not required to reply to subsequent or multiple requests
if a request unreasonably duplicates a prior request from that
person.
(6) In addition to the
presumptions of compliance referenced in Subsection
61-2e-304(2)(b),
an AMC is presumed to be in compliance with the Utah requirement to pay
appraisers a customary and reasonable fee if the AMC compensates an appraiser
for a completed appraisal at a rate consistent with the fee schedule for the
state as published by the United States Department of Veterans Affairs Denver
Regional Loan Center Appraisal Fee Schedule, as the fee schedule is updated
from time-to-time.
