Montana Code 37-54-508. Limitations
37-54-508. Limitations. (1) An appraisal management company registered in this state pursuant to this chapter may not enter into contracts or agreements with an individual for the performance of appraisals unless the company obtains verification that the individual is licensed or certified to perform appraisals pursuant to this chapter. Verification by reference to information published on the website of the appraisal subcommittee of the federal financial institutions examination council must be considered acceptable for purposes of compliance with this section.
Terms Used In Montana Code 37-54-508
- Appraisal: A determination of property value.
- Appraisal: means the practice of developing an opinion of the value of real property in conformance with the uniform standards of professional appraisal practice as developed by the appraisal foundation. See Montana Code 37-54-102
- Appraisal management company: means , in connection with valuation of properties collateralizing mortgage loans or mortgages incorporated into a securitization, an external third party, authorized either by a creditor of a consumer credit transaction secured by a consumer's principal dwelling or by an underwriter of or other principal in the secondary mortgage markets, that oversees a network or panel of more than 15 certified or licensed appraisers in this state or 25 or more nationally within a given year. See Montana Code 37-54-102
- Appraiser: means an individual who holds a license or certification to complete an appraisal assignment in the state where the real property that is the subject of the appraisal assignment is located. See Montana Code 37-54-102
- Board: means the board of real estate appraisers provided for in 2-15-1758. See Montana Code 37-54-102
- Certified real estate appraiser: means a person who develops and communicates real estate appraisals and who has a valid real estate appraisal certificate issued under 37-54-305. See Montana Code 37-54-102
- Licensed real estate appraisal trainee: means a person authorized only to assist a certified real estate appraiser in the performance of an appraisal assignment. See Montana Code 37-54-102
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(2)Unless prohibited by the policies of a client or an end user of an appraisal report, an appraisal management company may not prevent or otherwise restrict a licensed real estate appraisal trainee from performing work in accordance with the uniform standards of professional appraisal practice, pursuant to the requirements of the board, and under the supervision of a real estate appraiser mentor who is on the appraisal management company’s appraisal panel.
(3)Unless prohibited by the policies of a client or an end user of an appraisal report or by other state or federal law, an appraisal management company may not prevent or otherwise restrict a licensed or certified real estate appraiser from transferring an appraisal assignment to another licensed or certified real estate appraiser who is on the appraisal management company’s appraisal panel if:
(a)the transferee is an employee of the transferor; and
(b)the transferee can complete the appraisal assignment in accordance with the uniform standards of professional appraisal practice and pursuant to the requirements of the board.