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 2024-06, March 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 Section 61-2c or
Section 61-2f; or
(iii) any other
person with whom the appraiser reasonably needs to communicate in order 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 but not limited
to:
(i) a loan closing; or
(ii) a specific dollar amount being achieved
by the appraiser in the appraisal report;
(e) requests, for the purpose of 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 actually
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 actual 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 Utah Code
Subsection
61-2e-102(4);
or
(i) when acting in the capacity
of an AMC pursuant to Utah Code 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 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.
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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