54-4128. APPRAISER ENGAGEMENT. (1) Before or at the time of placing an assignment with an appraiser on the appraiser panel of an appraisal management company, the appraisal management company shall verify that the appraiser receiving the assignment meets the competency rule of the uniform standards of professional appraisal practice. An attestation provided by an appraiser that such appraiser is geographically competent within the appraiser’s scope of practice will satisfy an appraisal management company’s responsibility under this subsection.
(2) Except as otherwise provided in this act, an appraisal management company registered in this state pursuant to this act may not enter into any contracts or agreements with an appraiser for the performance of the appraisal in this state unless it verifies that the individual is licensed or certified to perform the appraisal pursuant to the state of Idaho real estate appraiser act. The appraisal management company may verify the status of the appraiser by contacting the board or utilizing the national registry of the appraisal subcommittee.
(3) Each appraisal management company seeking to be registered in this state shall certify to the board upon registration and renewal on a form prescribed by the board that the appraisal management company has a system and process in place to verify that an individual being added to the appraiser panel of the appraisal management company to perform appraisal services in this state holds a current license pursuant to the Idaho real estate appraiser act. The appraisal management company may verify the status of the appraiser by contacting the board or utilizing the national registry of the appraisal subcommittee.
(4) An appraisal management company shall engage only Idaho state certified or Idaho state licensed appraisers for appraisal services for federally related transactions in conformity with any federally related transaction regulations.
(5) Every AMC that engages an appraiser to perform one (1) or more appraisals in covered transactions or for secondary mortgage market participants in connection with covered transactions shall direct appraisers to perform the assignment in accordance with the uniform standards of professional appraisal practice.
History:
[54-4128, added 2016, ch. 131, sec. 1, p. 392.]
Structure Idaho Code
Title 54 - PROFESSIONS, VOCATIONS, AND BUSINESSES
Chapter 41 - IDAHO REAL ESTATE APPRAISERS ACT
Section 54-4101 - SHORT TITLE.
Section 54-4102 - LEGISLATIVE INTENT.
Section 54-4103 - USE OF TERM “LICENSED” OR “CERTIFIED” APPRAISER — UNLAWFUL PRACTICE OF APPRAISAL.
Section 54-4104 - DEFINITIONS.
Section 54-4105A - APPRAISAL REVIEW.
Section 54-4107 - DISCIPLINARY PROCEEDINGS.
Section 54-4109 - RETENTION OF RECORDS.
Section 54-4110 - QUALIFICATIONS FOR LICENSURE OR CERTIFICATION — EXAMINATIONS.
Section 54-4111 - USE OF DESIGNATION — CORPORATION, PARTNERSHIPS.
Section 54-4112 - REGULAR EXAMINATIONS.
Section 54-4113 - FEES — ISSUANCE OF LICENSES OR CERTIFICATES.
Section 54-4114 - TERM OF LICENSE OR CERTIFICATE — RENEWAL AND REINSTATEMENT.
Section 54-4115 - NONRESIDENT LICENSURE OR CERTIFICATION AND TEMPORARY PRACTICE.
Section 54-4116 - RENEWAL LICENSES OR CERTIFICATES.
Section 54-4117 - INJUNCTIVE RELIEF.
Section 54-4118 - PROOF OF COMPLAINT — PROSECUTION BY COUNTY ATTORNEY.
Section 54-4119 - PENALTY FOR VIOLATION.
Section 54-4120 - SHORT TITLE.
Section 54-4122 - DEFINITIONS.
Section 54-4123 - APPRAISAL PANEL — ANNUAL SIZE CALCULATION.
Section 54-4124 - REGISTRATION REQUIRED.
Section 54-4126 - OWNERSHIP REQUIREMENTS — CONTROLLING PERSONS.
Section 54-4127 - LIMITATIONS ON AGREEMENTS.
Section 54-4128 - APPRAISER ENGAGEMENT.
Section 54-4129 - APPRAISAL REVIEW.
Section 54-4130 - APPRAISER COMPENSATION.
Section 54-4131 - APPRAISER INDEPENDENCE.
Section 54-4132 - ADDITIONAL POWERS OF THE BOARD.