Current through Register Vol. XLI, No. 50, December 13, 2024
Section 106-5-9 - Use of Non-local Appraisers9.1. If a licensed broker or lender employs an appraiser whose main office is more than seventy-five miles from the property to be appraised, that lender or broker must document, in writing and maintain in accordance with the provisions of subsections 3.1.w. or 6.1.q. of this rule, the reason(s) why such an appraiser was used instead of an appraiser with a main office closer to the property being appraised.9.2. The seventy-five mile distance used in subsection 9.1 of this rule refers to the driving distance between the main office of the appraiser and the property that is being appraised.