Arizona Laws 32-3672. Certification on registration renewal
Each appraisal management company seeking registration renewal in this state shall certify to the deputy director on a form prescribed by the deputy director that the appraisal management company has complied with all of the following:
Terms Used In Arizona Laws 32-3672
- Appraisal: A determination of property value.
- Appraisal: means the act or process of developing an opinion of the value of real property in conformance with the uniform standards of professional appraisal practice published by the appraisal foundation, or any other definition used in state or federal laws. See Arizona Laws 32-3661
- Appraisal management company: means a corporation, partnership, sole proprietorship, subsidiary or other business entity that directly or indirectly performs appraisal management services, regardless of the use of the term "appraisal management company" "mortgage technology provider" "lender processing services" "lender services" "loan processor" "mortgage services" "real estate closing services provider" "settlement services provider" or "vendor management company" or any other term, and that does any of the following:
(a) Administers an appraiser panel of at least sixteen state-licensed or state-certified appraisers in one state who are independent contractors or at least twenty-five state-licensed or state-certified appraisers in at least two states who perform real property appraisal services in this state for clients. See Arizona Laws 32-3661
- Appraiser: means a person who is licensed or certified as an appraiser pursuant to this chapter and who performs valuation services competently and in a manner that is independent, impartial and objective. See Arizona Laws 32-3661
- Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 32-3601
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
- Property: includes both real and personal property. See Arizona Laws 1-215
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Real property: means one or more defined interests, benefits and rights inherent in the ownership of real estate. See Arizona Laws 32-3601
- Real property appraisal services: means the practice of developing an opinion of the value of real property in conformance with the uniform standards of professional appraisal practice published by the appraisal foundation. See Arizona Laws 32-3661
- Standards of professional appraisal practice: means the uniform standards of professional appraisal practice promulgated by the appraisal standards board of the appraisal foundation. See Arizona Laws 32-3601
1. Has a system and process in place to verify that a person being added to the appraiser panel of the appraisal management company holds a license or certificate in good standing in this state pursuant to the deputy director.
2. Has a system in place to review the quality of appraisals of all independent appraisers that are performing real property appraisal services for the appraisal management company on a periodic basis to confirm that the real property appraisal services are being conducted in accordance with uniform standards of professional appraisal practice.
3. Maintains a detailed record of each service request that it receives and the name of the independent appraiser that performs the real property appraisal services for the appraisal management company. The appraisal management company shall maintain a detailed record for the same time period that an appraiser is required to maintain an appraisal record for the same real property appraisal activity.
4. Has a system in place to train those who select individual appraisers for real property appraisal services in this state to ensure that the selectors have appropriate training in placing appraisal assignments.