Tennessee Code 62-39-416 – Biennial certification of system for periodic appraisal review
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Terms Used In Tennessee Code 62-39-416
- 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
- Commission: means the real estate appraiser commission created by §. See Tennessee Code 62-39-402
- State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
- USPAP: means the appraisal standards promulgated by the Appraisal Standards Board of the Appraisal Foundation. See Tennessee Code 62-39-402
Each registered appraisal management company shall certify to the commission on a biennial basis that it has a system in place to perform an appraisal review on a periodic basis of the work of all appraisers who are performing appraisals in Tennessee for the appraisal management company to validate that the appraisals are being conducted in accordance with USPAP. An AMC shall report to the commission the results of any appraisal reviews in which an appraisal is found to be substantially noncompliant with USPAP, state laws or federal laws pertaining to appraisals.