Missouri

Reviewer Requirements

Scope of Law

  • No specific distinction between commercial and residential real estate

 

  • MO Revised Statutes Chapter 339.503:

(1) “Appraisal” or “real estate appraisal”, an objective analysis, evaluation, opinion, or conclusion relating to the nature, quality, value or utility of specified interests in, or aspects of, identified real estate. An appraisal may be classified by subject matter into either a valuation or an analysis

Reviewing Provisions

  • Must conduct internal quality control reviews to assure compliance with USPAP

 

  • MO CSR 2245-10.010-(3)-(B):

(3) The initial application submitted by the appraisal management company shall include the following certifications:

 

(B) That the AMC has in place a system to review the work of all appraisers performing

appraisal services and that the services are conducted in compliance with the Uniform Standards of Professional Appraisal Practice;

 

Appraiser Requirements

Appraiser Competency

Record Keeping

  • Records must be kept for five years, 2 years after any judicial proceeding

 

  • MO Revised Statutes Chapter 339.357-(2):

2. All appraisal management company records shall be retained by the appraisal management company for five years. Upon request by the commission, such records shall promptly be made available to the commission for inspection and copying at the expense of the appraisal management company.

  • MO CSR 2245-10.020-(F):

(1) An appraisal management company (AMC) that has been issued a registration by

the Missouri Real Estate Appraisers Commission under these rules shall be responsible

for complying with the following:

 

(F) Shall maintain all records for a period of five (5) years. Additionally, records that

are used in judicial proceedings in which the appraiser provided testimony related to the

assignment shall be retained for at least two (2) years after disposition;

 

  • MO CSR 2245-10.010-(3)-(C):

(3) The initial application submitted by the appraisal management company shall include the following certifications:

 

(C) That the AMC maintains a detailed record of each service request that it receives

for appraisal services in Missouri and the appraiser who performs the appraisal services for the AMC; and

 

  • MO CSR 2245-10.020-(1)-(B):

 

(1) An appraisal management company (AMC) that has been issued a registration by

the Missouri Real Estate Appraisers Commission under these rules shall be responsible

for complying with the following:

 

(B) Shall maintain a complete record of all requests for appraisal services referred to

state licensed and certified appraisers, the amount of fees collected from borrowers or

clients as well as payments to the appraisers, and shall make such information available

upon commission request;

 

Licensing Disclosure

  • Must disclose license number on all engagement letters

 

  • MO Revised Statutes Chapter 339.527-(3):

3. Each appraisal management company shall be required to disclose its license number on each engagement letter utilized in assigning an appraisal request for real estate appraisal assignments within the state of Missouri.

  • MO CSR 2245-10.020-(1)-(H):

(1) An appraisal management company (AMC) that has been issued a registration by

the Missouri Real Estate Appraisers Commission under these rules shall be responsible

for complying with the following:

 

(H) Shall disclose to an appraiser within their engagement documents verification of

their state registration with the Missouri Real Estate Appraisers Commission;

 

Communications With Appraisers

Communication With Board

Billing/ Payment

  • Fees paid to appraiser and AMC fees must be separately stated to client

 

  • MO CSR 2245-10.020-(1)-(C):

(1) An appraisal management company (AMC) that has been issued a registration by

the Missouri Real Estate Appraisers Commission under these rules shall be responsible

for complying with the following:

 

(C) Shall separately state to the client the fees paid to an appraiser for the appraisal services

and the fees charged by the appraisal management company for services associated

with the management of the appraisal process, including procurement of the appraiser’s services;

 

Employee Training

Removal of Appraisers from Panel

  • Must provide written notice to appraiser prior to removal from panel

 

  • MO CSR 2245-10.020-(2)-(H):

(2) No employee, director, officer, or agent of an AMC shall influence or attempt to influence

the development, reporting, or review of an appraisal through coercion, extortion, collusion,

compensation, instruction, inducement, intimidation, bribery, or in any other manner, including but not limited to:

 

(H) Allowing the removal of an appraiser from an appraiser panel without prior written

notice to such appraiser outlining the reason(s) for removal and allowing the appraiser a reasonable amount of time to respond;

 

Misc

  • Deadlines for appraisals must be reasonable

 

  • MO CSR 2245-10.020-(1)-(N):

(1) An appraisal management company (AMC) that has been issued a registration by

the Missouri Real Estate Appraisers Commission under these rules shall be responsible

for complying with the following:

 

(N) Shall only require an appraiser to prepare an appraisal under a time frame that

affords the appraiser, in their own professional judgment, the ability to meet all relevant

legal and professional obligations. Appraisers shall decline appraisal assignments made outside

of such time frame and shall notify the AMC accordingly;

 

  • Registrations expire June 30 biannually

 

  • MO CSR 2245-10.030-(1):

 

(1) Every license issued shall expire on June 30 of every even numbered year after the date

of issuance. The commission shall mail to each registrant, at least sixty (60) days prior

to the expiration date of each renewal year, a notice of the expiration and application for

renewal of the license to the address on file with the commission. The commission may

issue a new registration for each renewal period upon receipt of a properly completed

renewal application, nonrefundable fee as established by rule in 20 CSR 2245-5.020(2),

and satisfactory proof that the appraisal management company (AMC) meets all requirements

for licensure renewal postmarked before midnight on June 30 of each year of

expiration. Delinquent renewals shall be accompanied by a nonrefundable delinquent

fee as established by rule in 20 CSR 2245- 5.020(2).