- Reviewers must be certified/licensed appraisers somewhere
- VT Title 26 Section 3320a-(e):
(e) A registrant’s employee reviewing finished appraisals shall be certified or licensed in good standing in one or more states and shall be certified at a level that corresponds with or is higher than the level of licensure required to perform the appraisal.
Scope of Law
- Must keep records for 5 years/ 2 years after any judicial proceedings
- VT Title 26 Section 3324-(a,b):
(a) A licensee or registrant shall retain all records related to an appraisal, review, or consulting assignment for no less than five years after preparation.
(b) A licensee or registrant shall retain records under this section that relate to a matter in litigation for two years after the litigation concludes or in conformance with the “Uniform Standards of Professional Appraisal Practice,” as promulgated by the Appraisal Standards Board of the Appraisal Foundation, whichever period is longer.
- Registration number must be included on all relevant documents
- VT Title 26 Section 3322-(a):
§ 3322. Use of license number; consumer fee disclosure
(a) Each licensee or registrant shall be assigned a license or registration number which shall be used in a report, a contract, engagement letter, or other instrument used by the licensee or registrant in connection with the licensee’s or registrant’s activities under this chapter. The license number shall be placed adjacent to or immediately below the title the licensee is entitled to use under this chapter. The licensed appraiser shall ensure that the registration number and the appraiser’s fee for appraisal services shall appear adjacent to or immediately below the appraisal management company’s registered name on documents supplied to clients or customers in this state.
Communications With Appraisers
Communication With Board
Removal of Appraisers from Panel
- Registration valid for two years
- VT Title 26 Section 3321-(e):
(e) An appraisal management company shall renew its registration biennially.