Tennessee Code 62-39-413 – License requirement for employees and independent contractors – Declining letters of engagement
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Tennessee Code 62-39-413
- Appraisal: A determination of property value.
- Appraisal: means the act or process of developing an opinion of value of identified real estate. See Tennessee Code 62-39-402
- Appraiser: means an individual who holds a license under part 1 of this chapter. See Tennessee Code 62-39-402
- Review assignment: means an analysis, opinion or conclusion prepared by a real estate appraiser that forms an opinion as to the adequacy and appropriateness of a valuation appraisal or an analysis assignment. See Tennessee Code 62-39-102
Any employee or independent contractor of the appraisal management company who performs an appraisal review service on an appraisal done on real property located within Tennessee must be an individual who holds a license as defined in § 62-39-102 or certification as defined in § 62-39-102. Letters of engagement shall include instructions to the appraiser to decline the appraisal review assignment in the event the appraiser is not geographically competent or the assignment falls outside the appraiser’s scope of practice restrictions.