Alabama Administrative Code › Title 780 - ALABAMA REAL ESTATE APPRAISERS BOARD › Chapter 780-X-17 - APPRAISAL MANAGEMENT COMPANY › Section 780-X-17-.01 - Form

Current through Register Vol. 42, No. 9, June 28, 2024
An appraisal management company that wishes to file an
				application for an appraisal management company certificate of registration may
				obtain the required form upon request to the Board. The form calls for
				information such as:
(1) the legal
			 name of the applicant;
(2) the
			 business, physical, and email address of the applicant;
(3) a telephone number and other contact
			 information for the applicant;
(4)
			 the name, address, and contact information of a principal contact for the
			 applicant;
(5) any past criminal
			 conviction of and any pending criminal charge against any person or entity that
			 owns ten percent or more of the appraisal management company;
(6) any past revocation, suspension or denial
			 of an appraisal license of any person or entity that owns any percent of the
			 appraisal management company;
(7) if
			 a general partnership, a description of the applicant entity, including a copy
			 of its written partnership agreement or if no written agreement exists, a
			 written description of the rights and duties of the several partners;
(8) if a business entity other than a
			 corporation, limited liability company or partnership, a description of the
			 organization of the applicant entity, including a copy of its organizational
			 documents;
(9) if a foreign
			 business entity, a certificate of authority to transact business in Alabama and
			 an executive consent to service of process and pleadings;
(10) certification that the applicant
			 verifies that any person added to an appraiser panel of the applicant, for the
			 purpose of appraising property within Alabama, holds a license in good standing
			 in Alabama;
(11) certification that
			 the applicant requires that all appraisers shall have geographic competency to
			 perform an appraisal assignment;
(12) certification that the applicant reviews
			 the work of all appraisers that are performing real estate appraisal services
			 for the applicant on a periodic basis to verify that the real estate appraisal
			 services are being conducted in accordance with the Uniform Standards of
			 Professional Appraisal Practice (USPAP);
(13) certification that the applicant
			 maintains records of each service request that it receives and identification
			 of the appraiser that performs the real estate appraisal services for the
			 applicant;
(14) certification that
			 the applicant has a system in place to require that appraisals are conducted
			 independently and free from inappropriate influence and coercion as required by
			 the appraisal independence standards established under Section 129E of the
			 Truth and Lending Act, including the requirement that fee appraisers be
			 compensated at a customary and reasonable rate when the appraisal management
			 company is providing services for a consumer credit transaction secured by the
			 principal dwelling of the consumer;
(15) any other information required by the
			 board and reasonably necessary to complete registration; and
(16) incomplete applications shall not be
			 acted upon by the Board.
Author:
Lisa Brooks, Executive Director, Alabama
				  Real Estate Appraisers Board
Statutory Authority:
Code of Ala.
				  1975
, §
										34-27A-51, §
										34-27A-54.