N.D. Admin. Code 101-05-01-15

Current through Supplement No. 395, January, 2025

Section 101-05-01-15 - Responsibilities and duties

An appraisal management company registered under this article shall:

1. Have a system in place to verify that utilized appraisers are licensed or certified and in good standing by this state.

2. Require each utilized appraiser who performs appraisals in this state to be independent from the transaction and certify in writing the area of geographic competency and the specific appraisal assignments competent to appraise.

3. Have a system in place to review the work of utilized appraisers who perform appraisal services to validate that the services were conducted in conformity with the uniform standards of professional appraisal practice.

4. Have a system in place to verify that any employee or independent contractor the appraisal management company utilizes to perform an appraisal review on a completed appraisal on property located in North Dakota, be licensed or certified with the same or higher qualifications required to perform the appraisal being reviewed, and holding a permit in good standing in North Dakota.

5. File a referral with the board if there is evidence that a utilized appraiser is in violation of the laws, rules, or uniform standards of professional appraisal practice, including grounds for disciplinary action as prescribed in North Dakota Century Code section 43-23.5-22.

6. Authorize a designated officer who is responsible for accepting the responsibilities for compliance with North Dakota Century Code chapter 43-23.5 and this article. The appraisal management company shall notify the board office, within fifteen calendar days, of any change in its designated officer.

7. Maintain with the board the name and address of a registered agent for service of process, and notify the board office, within fifteen calendar days, of any change to the information.

8. Disclose to its client the actual fees paid to an appraiser for appraisal services, separate from any other fees or charges for appraisal management services, and make the information available to the board office upon request.

9. Disclose its registration number within its engagement document with each utilized appraiser.

N.D. Admin Code 101-05-01-15

Adopted by Administrative Rules Supplement 367, January 2018, effective 1/1/2018.

General Authority: NDCC 43-23.5-02

Law Implemented: NDCC 43-23.5-11, 43-23.5-12, 43-23.5-13, 43-23.5-14, 43-23.5-16, 43-23.5-17, 43-23.5-18, 43-23.5-20; 12 USC 3353, 12 CFR 1102.403