Washington

Reviewer Requirements

  • Reviewers must be licensed appraisers with geographic competence

 

  • RCW 18.310.110-(3):

(3) Any employee of the appraisal management company, or any contractor working in any capacity on behalf of the appraisal management company, that has any involvement in the actual performance of appraisal or appraisal review services, or review and analysis of completed appraisals must be a state licensed or state-certified appraiser in the state in which the property is located, and must have geographic and product competence. This requirement does not apply to any review or examination of the appraisal for grammatical, typographical, or similar errors or general reviews of the appraisal for completeness.

Scope of Law

  • No specific distinction between residential and commercial real estate

 

  • RCW 18.310.010-(1):

(1) “Appraisal” means the act or process of estimating value; an estimate of value; or of pertaining to appraising and related functions.

Reviewing Provisions

  • Must conduct internal quality control reviews on a periodic basis

 

  • RCW 18.310.060-(2)-(i):

(2) An application for the issuance or renewal of a license required by subsection (1) of this section must, at a minimum, include the following information:

(i) A certification that the entity has a system in place to review the work of appraisers that are performing real estate appraisal services on a periodic basis and have a policy in place to require that the real estate appraisal services provided by the appraiser are being conducted in accordance with chapter 18.140 RCW and other applicable state and federal laws;

Appraiser Requirements

Appraiser Competency

Record Keeping

  • RCW 18.310.060-(2)-(i):

(2) An application for the issuance or renewal of a license required by subsection (1) of this section must, at a minimum, include the following information:

(j) A certification that the entity maintains a detailed record of each service request that it receives and the appraiser that performs the real estate appraisal services under *section 13 of this act;

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

 

  • RCW 18.310.130:

18.310.130
Recordkeeping.

An appraisal management company must certify to the department on initial application and upon renewal, 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. This statement must also certify that the appraisal management company maintains a complete copy of the completed appraisal report, for a minimum period of five years after the appraisal is completed, or two years after final disposition of a judicial proceeding related to the assignment, whichever period expires later.

 

  • Specific records to be retained

 

  • WAC 308-409-060-(1):

Additional required records.

(1) An appraisal management company having been issued a license shall comply with the following:

(a) Shall maintain with the department the name and address of the designated controlling person for service of process and shall furnish in writing to the department any changes to the information on file within fourteen business days.

(b) An appraisal management company shall maintain a complete record of all requests for appraisal services referred to state licensed and certified appraisers as well as payments and dates of payments made to the appraisers and shall make such information available to the department upon written request. An appraisal management company’s statement of recordkeeping certification upon registration with the division and biennially thereafter shall be signed by its designated controlling person and shall describe its system for maintaining a record of:

(i) The name of the appraiser who accepts each assignment and signs the corresponding appraisal report; or

(ii) If an assignment is accepted by an appraisal company, the name of the appraisal company that accepts the assignment.

(2) The appraisal management company shall make available to the department any and all records that are required to be maintained under RCW 18.310.130 and this section or records relevant to compliance with this chapter and other relevant statutes.

(3) At any time a document filed with the department becomes inaccurate, the appraisal management company shall promptly file with the department an amendment correcting that information within twenty-one business days.

(4) An appraisal management company shall, at all times, maintain a current list of its appraisal panel and shall provide a copy of that list to the department upon written request.

 

Licensing Disclosure

  • Must disclose company name and registration number on all engagement documents

 

  • RCW 18.310.080-(2):

(2) Each licensed appraisal management company shall place the name under which it does business and its license number on any appraisal engagement document issued.

  • WAC 308-409-070:

308-409-070
Required disclosure to appraisers.

When engaging the appraiser, the appraisal management company shall disclose to an appraiser, within their engagement documents, the state license number of the appraisal management company.

Communications With Appraisers

Communication With Board

Billing/ Payment

Employee Training

Removal of Appraisers from Panel

  • Specific instructions for removal of appraisers from panel

 

  • RCW 18.310.140-(1):

18.310.140
Disputes between appraisal management company and appraiser.

(1) Except within the first thirty days after an appraiser is first added to the appraiser panel of an appraisal management company, an appraisal management company may not remove an appraiser from its appraiser panel, or otherwise refuse to assign requests for real estate appraisal services to an appraiser 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, including if the appraiser is being removed from the panel for illegal conduct, a violation of state licensing standards, substandard performance, or administrative purposes. In addition, if the removal is not for administrative purposes, the nature of the alleged conduct, substandard performance, or violation must be provided; and
(b) Providing an opportunity for the appraiser to respond to the notification of the appraisal management company.

 

Misc

  • Registration valid for two years

 

  • RCW 18.310.040-(1):

(1) Applications for licensure must be made to the department on forms approved by the director. A license is valid for two years and must be renewed on or before the expiration date. Applications for original and renewal licenses must include a statement confirming that the company must comply with applicable rules and that the company understands the penalties for misconduct.

  • WAC 308-409-030-(2):

(2) Each original and renewal license issued under chapter 18-310 RCW shall expire two years from date of issue.

  • Cannot prohibit assistance of appraiser trainees for appraisal services

 

  • WAC 308-409-080-(1)-(a):

308-409-080
Prohibitions.

(1) In addition to the unprofessional conduct described in RCW 18.235.130, the director may take disciplinary action for the following conduct, actions or conditions:

(a) Prohibiting or refusing to allow, or attempting to prohibit or refuse to allow the professional appraisal assistance of registered real estate appraiser trainees in appraisal services unless such action is required by the appraisal management company’s client;