New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 62 - REAL ESTATE APPRAISERS › Part 1 - GENERAL PROVISIONS › Section 16.62.1.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
The following rules and regulations are for the purpose of implementing the provisions of the New Mexico Real Estate Appraisers Act.
A. Terms starting with the letter 'A' are defined as follows:
(1)
"Acceptable"
appraisal experience includes, but is not limited to the following: fee and staff appraisal, ad valorem tax appraisal, review appraisal, market analysis, real estate counseling/consulting, highest and best use analysis and feasibility analysis. All experience claimed must be obtained after January 30, 1989, and must be in conformance with applicable national uniform standards of professional appraisal practice (USPAP). Appraisal experience acceptable toward licensing or certification can be from any state but must have been gained under the supervision of an appraiser who is certified at a level equal to or greater than the license or certificate the applicant is seeking. Experience claimed from previous periods when an applicant was a trainee, licensed, or certified will be acceptable, provided the experience claimed was completed and in compliance with the applicable rules pertaining to acceptable experience in effect at the time the experience was gained.
(2)
"Appraisers act"
or "act" means the New Mexico Real Estate Appraisers Act as defined in Section  61-30-1 NMSA 1978.
(3)
"Appraisal management company (AMC)"
means:
(a) any external third party that oversees a network or panel of more than 15 certified or licensed appraisers in a state or 25 or more nationally within a given year to:
(i) recruit, select and retain appraisers;
(ii) contract with appraisers to perform appraisal assignments;
(iii) manage the process of having an appraisal performed; or
(iv) review and verify the work of appraisers; or
(b) any external third party that contracts with a qualifying licensed real estate broker or associate broker as defined in Chapter 61, Article 29 NMSA 1978 to provide broker price opinions.
(4)
"Appraisal management services"
means:
(a) to recruit, select, and retain appraisers;
(b) to contract with licensed and certified appraisers to perform appraisal assignments;
(c) to manage the process of having an appraisal performed, including providing administrative duties such as receiving appraisal orders and appraisal reports, submitting completed appraisal reports to creditors and underwriters, collecting fees from creditors and underwriters for services provided, and reimbursing appraisers for services performed; or
(d) to review and verify the work of appraisers.
(5)
"Appraisal review"
is the act or process of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraisal, or an appraisal review assignment. The appraisal reviewer must have certification that corresponds with or is higher than the level of licensure required to perform the initial appraisal.
(6)
"Assignment"
means one or more real estate appraisals and written appraisal report(s) covered by a single contractual agreement for a specified number of properties.
(7)
"Appraiser"
means one who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective.