Wyoming

Reviewer Requirements

  • Reviewers must be WY certified appraisers

 

  • WY Act No. 91 Section 33-39-212-(b):

(b) Any employee of or any person working on behalf of the appraisal management company that performs an appraisal review of an appraisal of a parcel of real property in this state shall hold a valid appraiser certificate in this state.

  • “Appraisal Review”:

 

  • WY Act No. 91 Section 33-39-202-(a)-(V):

 

(v) 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 related to the appraiser’s data collection, analysis, opinions, conclusions, estimate

of value or compliance with the Uniform Standards of Professional Appraisal Practice. “Appraisal review” does not include:

(A) A general examination for grammatical, typographical or other similar errors; or

(B) A general examination for completeness including regulatory or client requirements as specified in the agreement process that do not communicate an opinion.

 

Scope of Law

Reviewing Provisions

  • Must conduct quality reviews on a periodic basis to assure compliance with USPAP

 

  • WY Act No. 91 Section 33-39-215-(a)-(i):

(a) Each appraisal management company shall certify to the board on an annual basis that:

(i) It has a system in place to review the work of all independent appraisers who are performing real estate appraisal services for the appraisal management company on a periodic basis to verify that the real estate appraisal services are being conducted in accordance with Uniform Standards of Professional Appraisal Practice; and

 

Appraiser Requirements

Appraiser Competency

  • Appraisers must be competent as defined in USPAP

 

  • WY Act No. 91 Section 33-39-215-(a)-(ii):

(a) Each appraisal management company shall certify to the board on an annual basis that:

(ii) It requires all appraisers to have required competency to perform real estate appraisal services as provided in the applicable edition of the Uniform Standards of Professional Appraisal Practice for the appraisal being assigned.

 

  • Must not require an appraiser to prepare a report for which they do not feel competent

 

  • WY Act No. 91 Section 33-39-218-(b)-(iii)

 

(b) It shall be unlawful for an appraisal management company to:

(iii) Require an appraiser to prepare an appraisal if the appraiser, in the judgment of the

appraiser, does not have the necessary expertise for the specific geographic area and the appraiser has notified the company of this belief and declined the assignment;

Record Keeping

  • Must keep records for five years, two years after any judicial proceeding

 

  • WY Act No. 91 Section 33-39-216:

33-39-216. Recordkeeping.

Each appraisal management company shall certify to the board on an annual basis that it maintains a detailed record of each service request it receives and the name of the independent appraiser who performs the real estate appraisal services for the appraisal management company for a period of five (5) years from the final appraisal submission to the client, or two (2) years after final disposition of a judicial proceeding related to the assignment, whichever period expires later.

 

Licensing Disclosure

  • Must present registration number on all engagement documents

 

  • WY Act No. 91 Section 33-39-217-(c):

(c) 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

  • Must create system to verify that appraisers are licensed*
    • This requirement is the same in many other states
    • WY Act No. 91 Section 33-39-214:

33-39-214. Pre-engagement certification.

Each appraisal management company seeking to be registered or renew a registration in this state shall certify to the board on an annual basis on a form prescribed by the board that the appraisal management company has a system and process in place to verify that a person being added to the appraiser panel of the appraisal management company holds an appraiser certificate in good standing.

 

  • Mandatory reporting requirement

 

  • WY Act No. 91 Section 33-39-221:

 

33-39-221. Mandatory reporting.

An appraisal management company that has a reasonable basis to believe an appraiser is failing to comply with the Uniform Standards of Professional Appraisal Practice, is violating applicable laws, or is otherwise engaging in unethical or unprofessional conduct, in a manner that

materially affects the value conclusion contained in an appraisal report, shall file a complaint with the board pursuant to W.S. 33-39-123.

 

Billing/ Payment

  • Fees paid to appraisers must be “customary and reasonable”
  • Must have system in place to assure independence and absence of influence

 

  • WY Act No. 91 Section 33-39-219:

33-39-219. Compensation of appraisers.

An appraisal management company shall have 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, 16 U.S.C. 1601 et seq., or subsequent similar federal enactment, including the requirement that fee appraisers be compensated at a customary and reasonable rate, consistent with presumptions of compliance under federal law, when the appraisal management company is providing services for a consumer credit transaction secured by real estate.

 

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

 

  • WY Act No. 91 Section 33-39-220-(a):

 

(a) In reporting to a client, an appraisal management company shall separately state the fees:

(i) Paid to an appraiser for the completion of an appraisal service; and

(ii) Charged by the appraisal management company for appraisal management services.

 

  • Must pay appraisers within 60 days of transmission of appraisal report
  • WY Act No. 91 Section 33-39-222:

 

33-39-222. Requirement for payment.

An appraisal management company shall, except in cases of breach of contract or substandard performance of services, make payment to an independent appraiser for the completion of an appraisal or valuation assignment within sixty (60) days of the date on which the independent appraiser transmits or otherwise provides the appraisal or valuation study to the appraisal management company or its assignee unless a mutually agreed upon alternate arrangement has

been previously established.

 

Employee Training

  • Employees responsible for assigning appraisal reports must receive “appropriate training”

 

  • WY Act No. 91 Section 33-39-212-(a):

(a) Any employee of the appraisal management company, or any person working on behalf of the appraisal management company, who has the responsibility of selecting independent appraisers for the performance of real estate appraisal services for the appraisal management company

shall receive appropriate training concerning the application of the Uniform Standards of Professional Appraisal Practice.

 

Removal of Appraisers from Panel

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

 

  • WY Act No. 91 Section 33-39-218-(b)-(i)

(b) It shall be unlawful for an appraisal management company to:

(i) Allow the removal of an independent appraiser from an appraiser panel, without prior written notice to the appraiser;

 

  • WY Act No. 91 Section 33-39-223:

 

33-39-223. Notification of dismissal.

Except within the first ninety (90) days after an independent appraiser is added to the appraiser panel of an appraisal management company, an appraisal management company shall not remove an appraiser from its appraiser panel or otherwise refuse to assign requests for real

estate appraisal services to an independent appraiser without notifying the appraiser in writing of the reasons for the action.

 

Misc

  • Deadlines for appraisal reports must be reasonable

 

  • WY Act No. 91 Section 33-39-218-(b)-(iv)

(b) It shall be unlawful for an appraisal management company to:

(iv) Require an appraiser to prepare an appraisal under a schedule that the appraiser, in the judgment of the appraiser, believes does not afford the appraiser the ability to meet all the relevant legal and professional obligations if the appraiser has notified the company of this belief and declined the assignment;

 

  • Cannot require appraisers to sign noncompete clauses

 

  • WY Act No. 91 Section 33-39-218-(b)-(ix):

 

(b) It shall be unlawful for an appraisal management company to:

 

(ix) Require an appraiser to enter into an agreement to not serve on the panel of another appraisal

management company;