- Reviewers must be IN licensed appraisers
- IC 25-34.1-11-12:
IC 25-34.1-11-12 Appraisal reviews
Sec. 12. (a) As used in this section, “appraisal review” means the USPAP Standard 3 process of developing and communicating an opinion about the quality of an independent real estate appraiser’s work that is performed as part of an appraisal assignment made by an appraisal management company. However, the term does not include:
(1) an examination of an appraisal solely for grammatical errors, typographical errors, or similar errors; or
(2) a quality control examination for completeness.
(b) An individual who performs an appraisal review must hold a license or certificate under IC 25-34.1-3-8 or a license as a real estate broker under IC 25-34.1.
Scope of Law
- Records must be kept for SIX years
- IC 25-34.1-11-13:
IC 25-34.1-11-13 Service requests; record requirements
Sec. 13. (a) An appraisal management company performing appraisal management services shall maintain a record of each service request for an appraisal that the appraisal management company receives. The following must be included in a record maintained under this subsection:
(1) The person making the service request.
(2) The date on which the service request is made.
(3) The property to be appraised.
(4) The real estate appraiser who performed the appraisal.
(5) A copy of the appraisal produced for the service request.
(6) The individuals who reviewed the appraisal.
(7) The date on which the appraisal was delivered to the person who made the service request.
(8) The costs and fees for the appraisal management services performed by the appraisal management company.
(9) The costs and fees for the appraisal performed by the real estate appraiser.
(b) An appraisal management company shall keep the records described in subsection (a) for not less than six (6) years after the date specified in subsection (a)(2).
Communications With Appraisers
Communication With Board
Removal of Appraisers from Panel
- Registrations valid for 2 years
- IC 25-34.1-11-10-(b):
(b) A certificate of registration issued to an appraisal management company under this chapter expires two (2) years after the date on which the certificate of registration is issued.