- Reviewers must be NH licensed appraisers
- NH Chapter 310-B:12-i:
310-B:12-i Appraisal Management Company; Appraisal Review. Any employee of, or independent contractor to, an appraisal management company that performs a USPAP Standard 3 review of an appraisal report on property located in this state shall be an appraiser with the proper level of licensure issued by the board. Quality control examinations are exempt from this requirement as they are not considered a Standard 3 review.
- NH Chapter 310-B:2-XVIII:
XVIII. “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 an appraisal assignment, except that a quality control examination of an appraisal report shall not be an appraisal review.
Scope of Law
- No specific distinction between residential and commercial real estate
- NH Chapter 310-B:2-XVI:
XVI. “Appraisal” means the practice of developing an opinion of the value of real property in conformance with the Uniform Standards for Professional Appraisal Practice as developed by the Appraisal Foundation.
- Appraisers must demonstrate geographic and product competence
- NH Chapter 310-B:12-j-(I):
I. Each appraisal management company seeking to be registered in this state shall certify to the board on an annual basis that it requires appraisers completing appraisals at its request to comply with the Uniform Standards of Professional Appraisal Practice including the requirements for geographic and product competence.
- Cannot require an appraiser to complete an appraisal report for which they feel incompetent
- NH Chapter 310-B:12-n-(I)-(a)-(7):
I. It shall be a violation of this chapter for any employee, partner, director, officer, or agent of an appraisal management company to:
(a) Influence or attempt to influence the development, reporting, result, or review of an appraisal through coercion, extortion, collusion, compensation, inducement, intimidation, bribery or in any other manner, including but not limited to:
(7) Requiring an appraiser to prepare an appraisal report if the appraiser has indicated to the appraisal management company that he or she does not have the necessary expertise for the specific geographic area.
- Records must be kept for 5 years/ 2 years after any judicial proceeding
- NH Chapter 310-B:12-k:
310-B:12-k Appraisal Management Company; Recordkeeping. Each appraisal management company seeking to be registered in this state shall certify to the board on an annual basis that it maintains a detailed record of each service request that it receives and the appraiser that performs the appraisal for the appraisal management company. Such records must be retained for a period of at least 5 years after an appraisal is completed or 2 years after final disposition of a judicial proceeding related to the assignment, whichever period expires later.
- Must disclose license number on all engagement documents
- NH Chapter 310-B:12-m-(III):
III. 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 an appraiser.
Communications With Appraisers
Communication With Board
- Mandatory reporting clause
- NH Chapter 310-B:12-o:
310-B:12-o Appraisal Management Company; Mandatory Reporting. An appraisal management company that has a reasonable basis to believe an appraiser has failed to comply with applicable laws, the Uniform Standards of Professional Appraisal Practice or other ethical or professional requirements in connection with a consumer credit transaction secured by a consumer’s principal dwelling, shall refer the matter to the board if the failure to comply is material. For purposes of this section, a failure to comply is material if it is likely to significantly affect the value assigned to the consumer’s principal dwelling.
- Fees paid to appraisers must be “customary and reasonable”
- NH Chapter 310-B:12-j-(II):
II. Each appraisal management company seeking to be registered in this state shall certify to the board on an annual basis that it 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 Truth in Lending Act, including the requirement that fee appraisers be compensated at a customary and reasonable rate when the appraisal management company is providing services for a consumer credit transaction secured by the principal dwelling of a consumer.
Removal of Appraisers from Panel