Section R162-2e-401 - Unprofessional Conduct(1) An entity that is registered or required to be registered with the division as an AMC pursuant to Section 61-2e-201 commits unprofessional conduct if the entity: (a) requires an appraiser to modify any aspect of the appraisal report, unless the modification complies with Section 61-2e-307;(b) unless first prohibited by the client or applicable law, prohibits or inhibits an appraiser from contacting: (ii) a person licensed under Title 61, Chapter 2c, Utah Residential Mortgage Practices and Licensing Act, or Title 61, Chapter 2f, Real Estate Licensing and Practices Act; or(iii) any other person with whom the appraiser reasonably needs to communicate to obtain information necessary to complete a credible appraisal report;(c) requires the appraiser to do anything that does not comply with:(ii) assignment conditions and certifications required by the client;(d) makes any portion of the appraiser's fee or the AMC's fee contingent on a favorable outcome, including: (ii) a specific dollar amount being achieved by the appraiser in the appraisal report;(e) requests, for facilitating a mortgage loan transaction:(i) a broker price opinion; or(ii) any other real property price or value estimation that does not qualify as an appraisal;(f) charges an appraiser: (i) for a service not performed; or (ii) for a fee or cost that: (A) is not accurately disclosed pursuant to Subsection R162-2e-304(1)(a)(ii); or(B) exceeds the cost of a service provided by a third-party;(g) fails to pay the appraiser's fee within 45 days of completion of the appraisal assignment;(h) uses or retains an employee to complete an appraisal assignment without first disclosing to the client that the appraiser is an employee of the company, such that the company is acting in the capacity of an appraisal firm rather than as an AMC pursuant to Subsection 61-2e-102(4); or(i) when acting in the capacity of an AMC pursuant to Subsection 61-2e-102(4), uses or retains an employee appraiser to complete an appraisal assignment.(2) An AMC commits unprofessional conduct and creates a violation by the appraiser of Subsection R162-2g-502b(1)(f) if the AMC requires the appraiser to:(a) accept full payment; and(b) remit a portion of the full payment back to the AMC.(3) For purposes of applying Subsection (1)(g), an appraiser who completes an assignment is considered to be an employee of the AMC that offers the assignment if: (a) Subsection R162-2e-102(9)(a)(i) describes the employment relationship between the appraiser and the AMC; or(b) pursuant to Subsection R162-2e-102(9)(a)(ii), the appraiser is an employee of a company: (i) that is wholly owned by the AMC; or(ii) in which the AMC owns a controlling interest.Utah Admin. Code R162-2e-401
Amended by Utah State Bulletin Number 2015-4, effective 1/28/2015Amended by Utah State Bulletin Number 2024-09, effective 4/24/2024