A. Any employee of the appraisal management company, or any person working on behalf of the appraisal management company, that has the responsibility of selecting independent appraisers for the performance of real estate appraisal services for the appraisal management company or the responsibility of reviewing completed appraisals shall have geographic and product competence and be appropriately trained and qualified in the performance of real estate appraisals as determined by the board by rule.
B. Any employee of the appraisal management company that has the responsibility to review the work of independent appraisers shall have demonstrated knowledge of the uniform standards of professional appraisal practice, as determined by the board by rule.
History: Laws 2009, ch. 214, § 12; 2010, ch. 13, § 3.
The 2010 amendment, effective July 1, 2010, in Subsection A, after "reviewing completed appraisals shall", added "have geographic and product competence and".
Structure New Mexico Statutes
Article 14 - Appraisal Management Company Registration
Section 47-14-1 - Short title.
Section 47-14-2 - Definitions.
Section 47-14-3 - Registration required.
Section 47-14-3.1 - Bonding requirements.
Section 47-14-3.2 - Criminal background checks.
Section 47-14-6 - Expiration of license.
Section 47-14-7 - Consent to service of process.
Section 47-14-9 - Owner requirements.
Section 47-14-10 - Controlling person.
Section 47-14-11 - Controlling person requirements.
Section 47-14-12 - Employee requirements.
Section 47-14-13 - Requirements; liability.
Section 47-14-14 - Pre-engagement certification.
Section 47-14-15 - Adherence to standards.
Section 47-14-16 - Recordkeeping.
Section 47-14-17 - Appraiser independence; prohibitions.
Section 47-14-18 - Payment; limits; disclosure; nontaxable transaction certificate.
Section 47-14-19 - Appraisal reports; alteration; use.
Section 47-14-21 - Enforcement.