Cal. Code Regs. tit. 10 § 3702

Current through Register 2024 Notice Reg. No. 48, November 29, 2024

Section 3702 - Special Qualifications of Appraisers and Controlling Persons of Appraisal Management Companies

(a) The Chief finds and declares as follows:

(1) That the profession of real estate appraisal is vested with a fiduciary relationship of trust and confidence as to clients, lending institutions, and both public and private guarantors or insurers of funds in federally-related real estate transactions and that the qualifications of honesty, candor, integrity, and trustworthiness are directly and substantially related to and indispensable to the practice of the appraisal profession;

(2) That registered Appraisal Management Companies are vested with a relationship of trust and confidence as to their clients, lending institutions, and both public and private guarantors or insurers of funds in federally-related real estate transactions and that the qualifications of honesty, candor, integrity, and trustworthiness are directly and substantially related to and indispensable to their business operations; and

(3) Every holder of a license to practice real estate appraisal, Registrant, Controlling Person of an Appraisal Management Company, or person or entity acting in a capacity requiring a license or Certificate of Registration shall be required to demonstrate by his or her conduct that he or she possesses the qualifications of honesty, candor, integrity, and trustworthiness.

(b) The Chief may require such proof as he may deem advisable concerning the special qualifications of an applicant for or holder of an appraisers' license or a Certificate of Registration.

Cal. Code Regs. Tit. 10, § 3702

1. Renumbering and amendment of former section 3544 to new section 3702 filed 11-1-96; operative 11-1-96 pursuant to Government Code section 11343.4(d) (Register 96, No. 44). For prior history, see Register 94, No. 23.
2. Amendment of section heading, section and NOTE filed 1-21-2010 as an emergency; operative 1-21-2010 (Register 2010, No. 4). A Certificate of Compliance must be transmitted to OAL by 7-20-2010 or emergency language will be repealed by operation of law on the following day.
3. Amendment of section heading, section and NOTE refiled 7-21-2010 as an emergency; operative 7-21-2010 (Register 2010, No. 30). A Certificate of Compliance must be transmitted to OAL by 10-19-2010 or emergency language will be repealed by operation of law on the following day.
4. Amendment of section heading, section and NOTE refiled 10-18-2010 as an emergency; operative 10-18-2010 (Register 2010, No. 43). A Certificate of Compliance must be transmitted to OAL by 1-18-2011 or emergency language will be repealed by operation of law on the following day.
5. Certificate of Compliance as to 10-18-2010 order transmitted to OAL 12-17-2010 and filed 1-31-2011 (Register 2011, No. 5).
6. Change without regulatory effect amending subsections (a) and (b) filed 2-11-2014 pursuant to section 100, title 1, California Code of Regulations (Register 2014, No. 7).

Note: Authority cited: Sections 11313 and 11314, Business and Professions Code. Reference: Chapter 491 Statutes of 1991, Section 4; Sections 11340(c), 11345.1, 11345.2, 11345.3, 11345.4, 11345.45 and 11345.6, Business and Professions Code; and Section 1103 of Public Law 101-73(12 USC 3301, etc.) Title XI (Real Estate Reform Amendment).

1. Renumbering and amendment of former section 3544 to new section 3702 filed 11-1-96; operative 11-1-96 pursuant to Government Code section 11343.4(d) (Register 96, No. 44). For prior history, see Register 94, No. 23.
2. Amendment of section heading, section and Note filed 1-21-2010 as an emergency; operative 1-21-2010 (Register 2010, No. 4). A Certificate of Compliance must be transmitted to OAL by 7-20-2010 or emergency language will be repealed by operation of law on the following day.
3. Amendment of section heading, section and Note refiled 7-21-2010 as an emergency; operative 7-21-2010 (Register 2010, No. 30). A Certificate of Compliance must be transmitted to OAL by 10-19-2010 or emergency language will be repealed by operation of law on the following day.
4. Amendment of section heading, section and Note refiled 10-18-2010 as an emergency; operative 10-18-2010 (Register 2010, No. 43). A Certificate of Compliance must be transmitted to OAL by 1-18-2011 or emergency language will be repealed by operation of law on the following day.
5. Certificate of Compliance as to 10-18-2010 order transmitted to OAL 12-17-2010 and filed 1-31-2011 (Register 2011, No. 5).
6. Change without regulatory effect amending subsections (a) and (b) filed 2-11-2014 pursuant to section 100, title 1, California Code of Regulations (Register 2014, No. 7).