Section R4-46-407. Training Required

A.      The controlling person of a registered AMC shall ensure that all employees and other individuals who work on behalf of the AMC and are responsible for selecting independent appraisers to perform real property appraisal services receive sufficient training to be qualified to comply with federal and state law regarding appraisal management services.

B.       The controlling person of a registered AMC shall ensure that the training required under subsection (A) includes at least the following:

1.        Overview of the USPAP,

2.        Federal and state law applicable to real property appraisal services,

3.        Appraiser classifications and the scope of work for each classification,

4.        Factors that influence the complexity of an appraisal assignment, and

5.        Maintaining the independence of an appraiser.

C.      The controlling person of a registered AMC shall maintain a record of all training provided to an individual described under subsection (A) for one year beyond the termination of that individual’s employment by or work on behalf of the AMC.

D.      The controlling person of a registered AMC shall make avail- able to the Department on request a copy of all materials used to provide the training required under this Section and the records maintained under subsection (C).

Historical Note

New Section made by final rulemaking at 21 A.A.R.

1675, effective October 6, 2015 (Supp. 15-3).