Alabama Administrative Code › Title 780 - ALABAMA REAL ESTATE APPRAISERS BOARD › Chapter 780-X-18 - APPRAISAL MANAGEMENT COMPANY FORMS › Section 780-X-18-.01 - Registration Instructions

Current through Register Vol. 42, No. 9, June 28, 2024
APPLICATION FOR APPRAISAL MANAGEMENT COMPANY
				REGISTRATION INSTRUCTIONS
* The application must be typed only.
* The application fee is $3500, NON-REFUNDABLE and payable by
				business, cashier or certified check to the Alabama Real Estate Appraisers
				Board. All other forms of payment will be returned.
* The person listed in Item 3 on the application should be the
				person to contact if there are questions about the application.
* The applicant shall post at the time of filing with the Board
				a Surety Bond (cash or securities) in the amount of $25,000 on the prescribed
				forms.
* Attach a copy of your procedure to verify that a person being
				added to your appraiser panel holds a license in good standing in this state
				pursuant to the Alabama Real Estate Appraisers Act for appraisals of properties
				located in this state.
*Attach a copy of your procedure to require that appraisers
				inform the appraisal management company of their geographic competency for an
				assignment.
* Attach a copy of your procedure to periodically review the
				work of all independent appraisers that are performing real estate appraisal
				services for your company to validate that the real estate appraisal services
				are being conducted in accordance with the Uniform Standards of Professional
				Appraisal Practice.
* Attach a copy of your dispute resolution procedure that
				allows users of the appraisal report to request that the appraiser consider
				additional property information, provide further detail, substantiation, or
				explanation for the appraiser's value conclusion, or to correct errors in an
				appraisal report.
* Attach your original written irrevocable consent to service
				of process if the company is domiciled outside of Alabama.
* Complete Attachment A, the name, address and contact
				information for any individual or business entity that owns ten percent (10%)
				or more of the Company. Use the Continuation Sheet if necessary.
* Complete Attachment B, the name, address and contact
				information for each officer and director of the company. Use the Continuation
				Sheet if necessary.
* Attach a copy of the written partnership agreement or
				organizational documents, if applicable.
* Attach all required criminal background checks of anyone whom
				owns ten percent (10%) or more of the Company.
* A "foreign corporation" is one formed in a state other than
				Alabama.
* An LLC organized under the laws of Alabama must attach a
				Certificate of Existence obtained from the Alabama Secretary of State. An LLC
				organized under the laws of any other state must attach a copy of the Alabama
				registration authorized by §
								10-12-48,
Code of Ala.
				1975
. You may obtain instructions on how to get these forms at
http://www.sos.alabama.gov/BusinessServices/Default.aspx
.
PLEASE NOTE THAT YOU MUST NOTIFY THE ALABAMA REAL ESTATE
				APPRAISERS BOARD IN WRITING OR BY EMAIL, OF THE FOLLOWING CHANGES WITHIN TEN
				(10) DAYS:
* Any change of Principal Contact
* Any change to persons owning more than ten percent (10%) of
				the Appraisal Management Company
* Any change in officers or directors
* Any change in physical or mailing address, telephone number,
				email address, any other information contained in this
				application
Author:
Lisa Brooks, Executive Director, Alabama
				  Real Estate Appraisers Board
Statutory Authority:
Code of Ala.
				  1975
, §
										34-27A-54.