Utah Administrative Code
Topic - Commerce
Title R162 - Real Estate
Rule R162-2e - Appraisal Management Company Administrative Rules
Section R162-2e-401 - Unprofessional Conduct
Universal Citation: UT Admin Code R 162-2e-401
Current through Bulletin 2024-18, September 15, 2024
(1) An entity that is registered or required to be registered with the division as an AMC pursuant to Section 61-2e-201 commits unprofessional conduct if the entity:
(a) requires an
appraiser to modify any aspect of the appraisal report, unless the modification
complies with Section
61-2e-307;
(b) unless first prohibited by the client or
applicable law, prohibits or inhibits an appraiser from contacting:
(i) the client;
(ii) a person licensed under Title 61,
Chapter 2c, Utah Residential Mortgage Practices and Licensing Act, or Title 61,
Chapter 2f, Real Estate Licensing and Practices Act; or
(iii) any other person with whom the
appraiser reasonably needs to communicate to obtain information necessary to
complete a credible appraisal report;
(c) requires the appraiser to do anything
that does not comply with:
(i) USPAP;
or
(ii) assignment conditions and
certifications required by the client;
(d) makes any portion of the appraiser's fee
or the AMC's fee contingent on a favorable outcome, including:
(i) a loan closing; or
(ii) a specific dollar amount being achieved
by the appraiser in the appraisal report;
(e) requests, for facilitating a mortgage
loan transaction:
(i) a broker price opinion;
or
(ii) any other real property
price or value estimation that does not qualify as an appraisal;
(f) charges an appraiser:
(i) for a service not performed; or
(ii) for a fee or cost that:
(A) is not accurately disclosed pursuant to
Subsection R162-2e-304(1)(a)(ii);
or
(B) exceeds the cost of a
service provided by a third-party;
(g) fails to pay the appraiser's fee within
45 days of completion of the appraisal assignment;
(h) uses or retains an employee to complete
an appraisal assignment without first disclosing to the client that the
appraiser is an employee of the company, such that the company is acting in the
capacity of an appraisal firm rather than as an AMC pursuant to Subsection
61-2e-102(4);
or
(i) when acting in the capacity
of an AMC pursuant to Subsection
61-2e-102(4),
uses or retains an employee appraiser to complete an appraisal
assignment.
(2) An AMC commits unprofessional conduct and creates a violation by the appraiser of Subsection R162-2g-502b(1)(f) if the AMC requires the appraiser to:
(a)
accept full payment; and
(b) remit
a portion of the full payment back to the AMC.
(3) For purposes of applying Subsection (1)(g), an appraiser who completes an assignment is considered to be an employee of the AMC that offers the assignment if:
(a) Subsection
R162-2e-102(9)(a)(i)
describes the employment relationship between the appraiser and the AMC;
or
(b) pursuant to Subsection
R162-2e-102(9)(a)(ii),
the appraiser is an employee of a company:
(i) that is wholly owned by the AMC;
or
(ii) in which the AMC owns a
controlling interest.
Disclaimer: These regulations may not be the most recent version. Utah 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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