Standards of Professional Practice for Appraisal Management Companies; Development and Communications of Real Estate Appraisals
DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
Florida Real Estate Appraisal Board
RULE NO.:RULE TITLE:
61J1-9.002Standards of Professional Practice for Appraisal Management Companies; Development and Communications of Real Estate Appraisals
NOTICE OF CHANGE
Notice is hereby given that the following changes have been made to the proposed rule in accordance with subparagraph 120.54(3)(d)1., F.S., published in Vol. 45 No. 61, March 28, 2019 issue of the Florida Administrative Register.
The changes are in response to written comments submitted by the staff of the Joint Administrative Procedures Committee and discussion and subsequent vote by the board at a public meeting held June 1, 2019. The changes are as follows:
61J1-9.002 Standards of Professional Practice for Appraisal Management Companies; Development and Communications of Real Estate Appraisals.
(1) No change.
(2) An appraisal management company shall:
(a) Vverify that an appraiser being added to its appraiser panel to appraise properties in Florida holds a license in good standing in Florida. The appraisal management company shall verify the status of the appraiser by contacting the Department or utilizing the National Registry of the Appraisal Subcommittee:.
(b) Engage only state-certified or state-licensed appraisers for:
1. Federally related transactions in conformity with any Federally related transaction regulations;
2. All other appraisal services.
(b) Establish and comply with processes and controls reasonably designed to ensure that the appraisal management company engaging an appraiser, selects an appraiser who is independent of the transaction and who has the requisite education, expertise, and experience necessary to competently complete the appraisal assignment for the particular market and property type;
(c) Direct the appraiser to perform the assignment in accordance with USPAP; and
(d) Establish and comply with processes and controls reasonably designed to ensure that the appraisal management company conducts its appraisal management services in accordance with the requirements of Section 120E(a) through (i) of the Truth in Lending Act, 15 U.S.C. 1639e(a) through (i), and regulations thereunder.
(3) through (6) No change.
(7) In complying with Section 475.629, F.S., all appropriate records may be maintained in printed electronic form. Such records shall include records documenting any notices provided to appraisers removed from the appraisal management company’s panel.
(8) through (9) No change.
Rulemaking Authority 475.614, 475.629, 475.6235 FS. Law Implemented 475.614, 475.629, 475.6235 FS. History‒New 6-26-13, .
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Allison McDonald, Executive Director, Florida Real Estate Appraisal Board, 400 West Robinson Street, #N801, Orlando, FL 32801.
