§ 160-JJJJ — Employee requirements

§ 160-jjjj. Employee requirements. 1. An appraisal management company\nthat applies for a certificate of registration shall not knowingly\nemploy, utilize, or engage, for any real estate appraisal, valuation\nservice or appraisal review assignment, a person who has had a license\nor certificate to act as an appraiser in this state or in any other\nstate denied, revoked, or surrendered in lieu of possible discipline,\nunless such license has been reinstated.\n 2. Prior to placing an assignment for an appraisal or valuation\nservice with an appraiser on the appraiser panel of an appraisal\nmanagement company, the appraisal management company shall verify that\nthe appraiser receiving the assignment is a competent appraiser as\ndefined by the USPAP Competency Rule with regards to geographic area and\nthe type of property being appraised. An appraiser is deemed part of an\nappraisal management company panel as of the earliest date on which: (a)\nthe appraisal management company accepts the appraiser for consideration\nfor future appraisal assignments in covered transactions or for\nsecondary mortgage market participants in connection with covered\ntransactions; or (b) engages the appraiser to perform one or more\nappraisals on behalf of a creditor for a covered transaction or\nsecondary mortgage market participant in connection with covered\ntransactions.\n 3. An appraisal management company may not hire, employ or engage, or\nin any way contract with or pay a person who is not licensed or\ncertified as a real estate appraiser by the department pursuant to\narticle six-E of this chapter for the purposes of performing an\nappraisal as defined in this article. Nothing in this section shall\nprohibit an appraisal management company from hiring, employing,\nengaging or contracting with or paying a person to perform a property\ninspection, or property evaluation if they are licensed as an appraiser,\na real estate broker including associate real estate brokers and real\nestate salespersons pursuant to article twelve-A of the real property\nlaw or a home inspector pursuant to article twelve-B of the real\nproperty law, or a person to perform a broker price opinion if they are\nlicensed as a real estate broker including associate real estate brokers\nand real estate salespersons pursuant to article twelve-A of the real\nproperty law.\n 4. An appraiser shall be considered part of an appraisal management\ncompany's appraiser panel until: (a) the appraisal management company\nsends a written notice to such appraiser removing such appraiser with an\nexplanation; or (b) receives a written notice from such appraiser asking\nto be removed or of the death or incapacity of such appraiser.\n