Utah § 61-2e-302 Adherence to standards.

Utah Statutes

§ 61-2e-302 — Adherence to standards.

Utah § 61-2e-302

Title 61Securities Division - Real Estate Division

Ch. 61-2eAppraisal Management Company Registration and Regulation Act

Part 61-2e-3Operational Requirements

This text of Utah § 61-2e-302 (Adherence to standards.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 61-2e-302 (2026).

Text

(1)An appraisal management company required to be registered under this chapter shall have a system in place to:

(1)(a) ensure that the appraisal management company only selects for a real estate appraisal activity an appraiser who:

(1)(a)(i) is independent of the transaction; and

(1)(a)(ii) has the requisite education, expertise, and experience necessary to competently complete the real estate appraisal activity for the particular market and property type;

(1)(b) review the work of an appraiser who performs a real estate appraisal activity for the appraisal management company on a periodic basis to ensure that a real estate appraisal activity is conducted in accordance with applicable appraisal standards; and

(1)(c) ensure that the appraisal management company conducts appraisal managem

Free access — add to your briefcase to read the full text and ask questions with AI

(1) An appraisal management company required to be registered under this chapter shall have a system in place to:

(1)(a) ensure that the appraisal management company only selects for a real estate appraisal activity an appraiser who:
(1)(a)(i) is independent of the transaction; and
(1)(a)(ii) has the requisite education, expertise, and experience necessary to competently complete the real estate appraisal activity for the particular market and property type;
(1)(b) review the work of an appraiser who performs a real estate appraisal activity for the appraisal management company on a periodic basis to ensure that a real estate appraisal activity is conducted in accordance with applicable appraisal standards; and
(1)(c) ensure that the appraisal management company conducts appraisal management services in accordance with the requirements of the Truth in Lending Act, 15 U.S.C. Sec. 1639e(a)-(i), and the regulations thereunder.
(2) As part of the registration process under Part 2, Registration, an appraisal management company shall biennially provide an explanation of each system described in Subsection (1) in the form prescribed by the division.