Ala. Admin. Code r. 780-X-17-.10 - Appraisal Review
(a) An
appraisal management company shall annually certify to the Board, on a form
prescribed by the Board, that the appraisal management company periodically
reviews the work of all appraisers performing appraisals and appraisal reviews
for the appraisal management company to verify that the appraisals are being
conducted in accordance with Uniform Standards of Professional Appraisal
Practice (USPAP). An appraisal management company is not required to review all
appraisals performed by each appraiser, but may choose a representative sample
of each appraiser's reports. Record of the samples selected for compliance
review shall be kept for a period of five (5) years from the date of the
compliance review.
Notes
Author: Lisa Brooks, Executive Director, Alabama Real Estate Appraisers Board
Statutory Authority: Code of Ala. 1975, ยงยง 34-27A-54, 34-27A-57.
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