Idaho Code 54-4128 – Appraiser Engagement
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(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.
Terms Used In Idaho Code 54-4128
- Appraisal: A determination of property value.
- appraiser: means a person who, for a fee or other valuable consideration or the expectation thereof, develops and communicates real estate appraisals or otherwise gives an opinion of the value of real estate or any interest therein. See Idaho Code 54-4104
- Board: means the real estate appraiser board. See Idaho Code 54-4104
- Federally related transaction: means any real estate-related financial transaction that a federally regulated institution, regulatory agency, or the resolution trust corporation engages in, funds, contracts for, or regulates. See Idaho Code 54-4104
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- real estate: means and includes leaseholds as well as any other interest or estate in land, whether corporeal, incorporeal, freehold or nonfreehold and whether situated in this state or elsewhere. See Idaho Code 54-4104
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
(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.