2018 Tennessee Code
Title 62 - Professions, Businesses and Trades
Chapter 39 - State Licensing and Certified Real Estate Appraisers Law
Part 4 - Tennessee Appraisal Management Company Registration and Regulation Act
§ 62-39-404. Applicability.
- This part shall not apply to:
(1) A national or state bank or federal or state savings institution that is subject to direct regulation or supervision by an agency of the United States government, or by the department of financial institutions, that receives a request for the performance of an appraisal from one (1) employee of the financial institution, and another employee of the same financial institution assigns the request for the appraisal to an appraiser who is an independent contractor to the institution. An entity exempt as provided in this subdivision (1) shall file a notice with the commission that contains the information required in § 62-39-403;
(2) An appraiser that enters into an agreement, whether written or otherwise, with an appraiser for the performance of an appraisal, and upon the completion of the appraisal, the report of the appraiser performing the appraisal is signed by both the appraiser who completed the appraisal and the appraiser who requested the completion of the appraisal;
(3) Any state agency or local municipality that orders appraisals for ad valorem tax purposes or any other business on behalf of this state;
(4) Any person licensed to practice law in this state, a court-appointed personal representative, or a trustee who orders an appraisal in connection with a bona fide client relationship when such person directly contracts with an independent appraiser;
(5) A certified public accountant or CPA firm regulated under chapter 1, part 1 of this title; or
(6)
(A) A federally regulated AMC;
(B) Notwithstanding subdivision (6)(A), any federally regulated AMC operating in this state shall report to the commission the information required to be submitted by the commission to the appraisal subcommittee pursuant to the appraisal subcommittee's policies regarding the determination of the AMC National Registry fee, including, but not limited to, the collection of information related to the limitations set forth in 12 C.F.R. 34.215, as applicable.
