Ala. Admin. Code r. 780-X-17-.12

Current through Register Vol. 43, No. 1, October 31, 2024

Section 780-X-17-.12 - Records

(a) An appraisal management company shall maintain a record of each request it receives for its services for appraisals of Alabama properties. If an appraisal is ordered, the record shall include the name of the appraiser who performs the appraisal, the physical address or legal identification of the subject property, the name of the appraisal management company's client for the appraisal, and the amount paid to the appraiser.

(b) The Board shall maintain a list of all applicants for registration under this Article that includes for each applicant the date of application, the name and primary business location of the applicant, phone and email contact information, and whether the registration was granted or refused.

(c) A registered appraisal management company shall maintain the accounts, correspondence, memoranda, papers, books, and other records related to services provided by the appraisal management company. Such records may be maintained in electronic form. All records shall be preserved for five (5) years.

(d) If the information contained in any document filed with the Board is or becomes inaccurate or incomplete in any material respect, the appraisal management company shall file a correcting amendment to the information contained in the document to the Board within ten (10) days of the change.

Ala. Admin. Code r. 780-X-17-.12

New Rule: Filed November 18, 2011; effective December 23, 2011.

Author: Lisa Brooks, Executive Director, Alabama Real Estate Appraisers Board

Statutory Authority:Code of Ala. 1975, §§34-27A-54, 34-27A-57.