2011 Vermont Code
Title 26 Professions and Occupations
Chapter 69 REAL ESTATE APPRAISERS
§ 3320a Appraisal management companies

§ 3320a. Appraisal management companies

(a) An appraisal management company registered by the board acts as a broker in acquiring finished appraisals from real estate appraisers and supplying the appraisals to third parties, but appraisal management companies are not licensed to perform real estate appraisals under this chapter. Acting as an appraisal management company includes:

(1) administering or assigning work to licensed real estate appraisers;

(2) receiving requests for real estate appraisals from clients;

(3) receiving a fee paid by clients for acquiring real estate appraisals; or

(4) entering into an agreement with one or more real estate appraisers to perform appraisals.

(b) An appraisal management company does not include:

(1) a government agency;

(2) a bank, credit union, licensed lender, or savings institution;

(3) a person or entity that has as its primary business the performance of appraisals in accordance with this chapter but who or which, in the normal course of business, engages the services of a licensed appraiser to perform appraisals or related services that the person or entity cannot perform because of the location or type of property in question, work load, scope of practice required by an assignment, or to otherwise maintain professional responsibility to clients.

(c) An appraisal management company shall register with the board prior to conducting business in this state. An application shall include a registration fee and information required by the board that is necessary to determine eligibility for registration.

(d) When contracting for the performance of real estate appraisal services, an appraisal management company shall only engage the professional services of an appraiser licensed and in good standing to practice pursuant to this chapter.

(e) A registrant's employee reviewing finished appraisals shall be certified or licensed in good standing in one or more states and shall be certified at a level that corresponds with or is higher than the level of licensure required to perform the appraisal. (Added 2009, No. 103 (Adj. Sess.), { 45.)