Nebraska

Reviewer Requirements

  • Reviewers must be NE licensed appraisers

 

  • NE AMC Registration Act Section 76-3210:

§ 76-3210. Performance of Uniform Standards of Professional Appraisal Practice standard

3 appraisal review.

Any employee of or independent contractor to an appraisal management company that performs

a Uniform Standards of Professional Appraisal Practice standard 3 appraisal review shall be an

appraiser with the proper level of licensure in this state. Quality control examinations are exempt

from this requirement as they are not considered a standard 3 review.

  • NE AMC Registration Act Section 76-3202-(6):

(6) Appraisal review means the act or process of developing and communicating an opinion

about the quality of another appraiser’s work that was performed as part of a real property

appraisal activity, except that a quality control examination of an appraisal report shall

not be an appraisal review;

Scope of Law

  • Regulations apply only to residential real estate

 

  • NE AMC Regulations Section 002.04:

002.04 Appraisal services means residential valuation assignments performed by an individual acting as an appraiser, including, but not limited to appraisal, appraisal review, or consulting services;

Reviewing Provisions

Appraiser Requirements

  • Must require appraisers to comply with USPAP

 

  • NE AMC Registration Act Section 76-3203-(2)-(h):

(2) An application for the registration required by subsection (1) of this section shall include the following information:

 

(h) A certification that the person seeking registration requires appraisers completing

appraisal services at the person’s request to comply with the Uniform Standards of

Professional Appraisal Practice, including the requirements for geographic and

product competence;

  • NE AMC Regulations Section 003.01-(b):

003.01 The applicant must submit a complete application on forms supplied by the Board showing compliance by the applicant with all registration requirements established by the Act or by this Title with appropriate fees as provided in Section 004 of this Chapter. The application will require the AMC to:

(b) Certify that the person seeking registration requires appraisers completing appraisal services to comply with the Uniform Standards of Professional Appraisal Practice.

 

Appraiser Competency

Record Keeping

  • NE AMC Registration Act Section 76-3203-(2)-(k):

(2) An application for the registration required by subsection (1) of this section shall include the following information:

 

(k) A certification that the person seeking registration maintains a detailed record of each

request for appraisal services that it receives and the appraiser that performs the

residential real estate appraisal services for the appraisal management company;

  • Records must be kept for 5 years, 2 years after any judicial proceedings

 

  • NE AMC Registration Act Section 76-3212:

§ 76-3212. Records; retention.

Each appraisal management company seeking to be registered in this state shall certify to the

board on a biennial basis that it maintains a detailed record of each appraisal service request that

it receives and of the appraiser who performs the appraisal services for the appraisal management

company. Record retention requirements are for a period of five years after appraisal services are

completed or two years after final disposition of a judicial proceeding related to the real property

appraisal activity, whichever period expires later.

  • Specific guidelines for records to be kept:

 

  • NE AMC Regulations Section 003.01-(e):

003.01 The applicant must submit a complete application on forms supplied by the Board showing compliance by the applicant with all registration requirements established by the Act or by this Title with appropriate fees as provided in Section 004 of this Chapter. The application will require the AMC to:

 

(e) Certify that the person seeking registration maintains a detailed record of each request for appraisal services that it receives and the appraiser that performs the residential real estate appraisal services for the appraisal management company. The detailed record must include, at minimum, the following information:

i Date of agreement with appraiser to provide the service;

ii Name of client and intended user(s);

iii Name and credential number of appraiser;

iv Type and scope of service;

v Address of the property that is the subject of the service;

vi Fees paid to the appraiser;

vii Date of service completion;

viii Date payment-in-full was made to the appraiser;

ix Appraiser’s signed consent to subsequent, specified, report modifications, if applicable;

x Verification that the appraiser is in good standing;

xi Record of quality control or USPAP compliance.

 

Licensing Disclosure

  • Must disclose registration number on all engagement documents

 

  • NE AMC Registration Act Section 76-3214-(3):

(3) An appraisal management company registered in this state shall disclose the registration

number provided to it by the board on the engagement documents presented to the

appraiser.

Communications With Appraisers

Communication With Board

Billing/ Payment

  • Payment to appraisers must be made within 60 days

 

  • NE AMC Registration Act Section 76-3215-(1):

(1) Each appraisal management company registered in this state, except in cases of

noncompliance with the conditions of the engagement, shall make payment of fees to an

appraiser for the completion of an appraisal or valuation assignment within sixty days

after the date on which the appraiser transmits or otherwise provides the completed

appraisal report or valuation assignment to the appraisal management company or its

assignee.

  • Fees paid to appraisers must be “reasonable and customary”

 

  • NE AMC Regulations Section 003.01-(d):

003.01 The applicant must submit a complete application on forms supplied by the Board showing compliance by the applicant with all registration requirements established by the Act or by this Title with appropriate fees as provided in Section 004 of this Chapter. The application will require the AMC to:

(d) Certify that the person seeking registration has a system in place to require that appraisals are conducted independently and free from inappropriate influence and coercion as required by the appraisal independence standards established under section 129E of the federal Truth in Lending Act, as amended, including the requirements for payment of a reasonable and customary fee to appraisers when the appraisal management company is providing appraisal services for a consumer credit transaction secured by the principal dwelling of a consumer.

 

Employee Training

Removal of Appraisers from Panel

  • Must provide written notice and opportunity to respond to appraiser prior to removal from panel

 

  • NE AMC Registration Act Section 76-3215-(2):

(2) Except within the first ninety days after an appraiser is first added to the appraiser panel

of an appraisal management company, an appraisal management company may not

remove the appraiser from the appraiser panel of the appraisal management company or

otherwise refuse to assign requests for appraisal services to an appraiser on the appraiser

panel without:

 

(a) Notifying the appraiser in writing of the reasons why the appraiser is being removed

from the appraiser panel of the appraisal management company; and

(b) Providing an opportunity for the appraiser to respond to the notification from the

appraisal management company.

Misc

  • Registration is valid for two years

 

  • NE AMC Registration Act Section 76-3203-(5):

(5) A registration issued pursuant to the Nebraska Appraisal Management Company

Registration Act shall be valid for two years after the date on which it is issued. An

application for the renewal of a registration shall include substantially similar information

required for the initial registration as provided in subsection (2) of this section.

  • NE AMC Regulations Section 005:

005 All Appraisal Management Company registrations shall be in effect for two years from the date of issuance and shall expire at midnight on such date, unless revoked, suspended, or cancelled prior to such date.

  • Must certify that only licensed/certified appraisers are used on federally related transactions

 

  • NE AMC Regulations Section 003.01-(c):

003.01 The applicant must submit a complete application on forms supplied by the Board showing compliance by the applicant with all registration requirements established by the Act or by this Title with appropriate fees as provided in Section 004 of this Chapter. The application will require the AMC to:

 

(c) Certify that the person seeking registration has a system in place to verify that only licensed or certified appraisers are used for federally related transactions.