Arizona Laws 6-457. Appraisals
Every appraisal or reappraisal of property that an association is required to make shall be made as follows:
Terms Used In Arizona Laws 6-457
- Appraisal: A determination of property value.
- Association: means every association to which this chapter applies as defined in the section concerning scope of chapter. See Arizona Laws 6-401
- Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Property: includes both real and personal property. See Arizona Laws 1-215
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
1. In accordance with the deputy director‘s rules and regulations on appraisals. Each appraisal shall be filed and preserved by the association during the life of the loan.
2. In the case of an insured or guaranteed loan, by any appraiser appointed by any lending, insuring or guaranteeing agency of the United States or of this state that shall insure or guarantee such loan, wholly or in part. A copy of any appraisal or of the commitment or certificate of the insuring or guaranteeing agency shall be filed and preserved by the association during the life of the loan.
3. The deputy director, when good cause exists, may cause an independent appraisal to be made of any property on which a loan has been made. The reasonable travel and subsistence expenses and compensation to such appraisers not in excess of comparable fees paid for the same or similar appraisals in the same area shall be paid by the association owning or holding such property as mortgagee.