Compilation of Rules and Regulations of the State of Georgia › Department 539 - RULES OF GEORGIA REAL ESTATE APPRAISERS BOARD › Chapter 539-1 - SUBSTANTIVE REGULATIONS › Rule 539-1-.23 - Appraisal Management Companies

Current through Rules and Regulations filed through June 27, 2024
An appraisal management company shall not:
(a) fail to preserve the data and format of the
			 appraisal as submitted by the appraiser;
(b) with the exception of review appraisals,
			 redact any information on the appraisal, including but not limited to the name
			 and classification number(s) of the appraiser(s);
(c) indicate or represent to any party that it
			 is acting in any capacity other than a conduit between an appraiser and a
			 client;
(d) require an appraiser to
			 submit a report in an unsecured format;
(e) operate without a controlling person for
			 more than 60 days;
(f)fail to satisfy
			 payment obligations for work performed by an appraiser for a period greater than
			 30 days from the date of completion of an appraisal, unless otherwise agreed to
			 by all parties in writing;
(g) fail
			 to include its registration number in any appraisal order;
(h) require an appraiser to indemnify it or
			 hold it harmless from any liability, damage, losses or claims arising out of the
			 services provided by it. This prohibition shall not preclude indemnification
			 agreements for services performed by the appraiser; or
(i) pay any fee to an appraiser performing or
			 attempting to perform any real estate appraisal activity in a federally related
			 transaction without complying with the rules to regulate such transactions in
			 accordance with
			  15 U.S.C. Section 1601,
et seq.
, and the
			 regulations promulgated there under as well as the standards required by the
			 federal financial institutions regulatory agency that regulates the financial
			 transaction for which the appraisal assignment is undertaken, including, but not
			 limited to, compensation to appraisers at a rate that is customary and reasonable
			 for comparable appraisals being performed for one- to four-family residential
			 units in the geographic area of the property being appraised. For purposes of
			 this rule, geographic area may be defined by zip code, city, county, metropolitan
			 statistical area, or a combination of contiguous counties in a non metropolitan
			 statistical area.
1. An appraisal management
			 company shall be presumed to comply with this Rule if: the appraisal management
			 company compensates the appraiser in an amount that is reasonably related to
			 recent rates paid for comparable appraisal services performed in the geographic
			 market of the property being appraised. In determining this amount, the appraisal
			 management company shall review the factors below and make any adjustments to
			 recent rates paid in the relevant geographic market necessary to ensure that the
			 amount of compensation is reasonable:
(1) the
			 type of property;
(2) the scope of
			 work;
(3) the time in which the
			 appraisal services are required to be performed;
(4) appraiser qualifications;
(5) appraiser experience and professional
			 record; and
(6) appraiser work
			 quality.