Title 25, Professions And Occupations

[§466K‑5] Definitions. For the purposes of this chapter, unless the context otherwise requires: "Arbitrator" means an individual appointed to render an award in a controversy that is subject to an agreement to arbitrate. "Uniform Standards of Professional Appraisal Practice" mean…

§466K-6 Appraisers in arbitration proceedings; recordation; nonconfidentiality. (a) Arbitration awards, records of awards, and supplementary, dissenting, or explanatory opinions recorded pursuant to this section shall be public records. (b) In an arbitration proceeding to determi…

§466M-1 Findings and purpose. The legislature finds that the regulation of appraisal management companies is essential to protect consumers. The legislature further finds that it is necessary to establish a regulatory framework for appraisal management companies in the State in c…

[§466M-10] Expiration of registration. Registrations shall expire on December 31 of each odd-numbered year. The expiration date of the registration shall appear on the appraisal management company registration certificate issued to the registrant, and no other notice of its expir…

[§466M-11] Compliance with the Uniform Standards of Professional Appraisal Practice. As a condition of registration or renewal of registration, each appraisal management company in the State shall certify that the company requires appraisers completing appraisals at the company's…

[§466M-12] Consent to service of process. An applicant for registration under this chapter that is not domiciled in the State shall complete an irrevocable consent to service of process, in a form approved by the attorney general. [L 2024, c 80, pt of §2]

[§466M-13] Reporting requirements; non-federally regulated appraisal management companies. The director shall collect from each appraisal management company registered or seeking registration in the State all information and fees required by the Appraisal Subcommittee to be submi…

[§466M-14] Reporting requirements; federally regulated appraisal management companies; reporting information for appraisal management companies. A federally regulated appraisal management company operating in the State shall report to the director the information required to be s…

[§466M-15] Owner requirements. (a) An appraisal management company applying for, holding, or renewing a registration under this chapter shall not be owned, in whole or in part, directly or indirectly, by any person who has had an appraiser license or certification refused, denied…

[§466M-16] Controlling person. An appraisal management company applying for registration or renewal of registration in the State shall designate one controlling person to serve as the main contact for all communication between the department and the company. The controlling perso…

[§466M-17] Appraiser engagement. Before or at the time of placing an assignment to appraise real property in the State with an appraiser on the appraiser panel of an appraisal management company, the appraisal management company shall verify that the appraiser receiving the assig…

[§466M-18] Appraisal review. Any employee of or independent contractor to an appraisal management company who performs an appraisal review for a property located in this State shall be a licensed or certified appraiser in good standing in the State and any other jurisdiction in w…

[§466M-19] Verification of licensure or certification. (a) An appraisal management company registered in the State may not enter into any contract or agreement with an appraiser for the performance of appraisals in the State unless the company verifies that the appraiser is licen…

[§466M-2] Definitions. As used in this chapter, unless the context otherwise requires: "Affiliate" has the same meaning as defined under title 12 United States Code section 1841, or any successor federal statute. "AMC national registry" means the registry of state-registered appr…

[§466M-20] Fee disclosure. An appraisal management company registered in the State shall not prohibit an independent appraiser who is part of the appraiser panel from recording the fee that the appraiser was paid by the appraisal management company for the performance of an appra…

[§466M-21] Retention of records. (a) Each appraisal management company seeking registration or renewal of registration in the State shall certify that the appraisal management company maintains a detailed record of each service request the company receives for appraisals of real …

[§466M-22] Payments to appraisers. (a) An appraisal management company shall, except in bona fide 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 forty-f…

[§466M-23] Appraiser independence. (a) It shall be a violation of this chapter for any employee, director, officer, or agent of an appraisal management company registered in this State to engage in any act or practice that violates appraisal independence as described in subsectio…

[§466M-24] Mandatory reporting of violations. An appraisal management company that has a reasonable basis to believe an appraiser has materially failed to comply with applicable laws or rules or has materially violated the Uniform Standards of Professional Appraisal Practice shal…

[§466M-25] Prohibited conduct. (a) No employee, director, officer, agent, independent contractor, or other third party acting on behalf of an appraisal management company shall: (b) Nothing in this chapter shall prevent an appraisal management company from requesting an appraiser…

[§466M-26] Disciplinary proceedings. The director may deny, suspend, or revoke the registration of an appraisal management company; impose a monetary penalty of an amount not to exceed $5,000 per violation; issue a letter of reprimand; refuse to issue or renew the registration of…

[§466M-27] Fees; bond required. (a) The director may charge the appraisal management company reasonable fees to offset costs of operating the appraisal management company registration program established pursuant to this chapter. The following fees shall apply: In addition, upon …

[§466M-28] Federal registry requirements. (a) The director shall collect from each appraisal management company registered or seeking to be registered in this State the information that the Appraisal Subcommittee requires to be submitted to it by the State pursuant to regulations…

[§466M-29] Exemption. This chapter shall not apply to an appraiser who enters an agreement with another appraiser for the performance of an appraisal that, upon completion, results in a report signed by the appraiser who completed the appraisal and the appraiser who requested com…

[§466M-3] Appraisal management company registration program. There is established an appraisal management company registration program, subject to the real estate appraiser program established pursuant to section 466K-2, to be administered by the director in the director's capaci…

[§466M-4] Powers and duties of the director. In addition to any other powers and duties authorized by law, the director shall have the following powers and duties:

[§466M-5] Appraiser panel; annual size calculation. (a) For purposes of determining whether an appraisal entity meets the size requirement of an appraisal management company, as that term is defined in section 466M-2, an appraiser shall be deemed part of the appraisal management …

[§466M-6] Registration required. (a) No person may directly or indirectly engage or attempt to engage in business as an appraisal management company, directly or indirectly perform or attempt to perform appraisal management services, or advertise or hold oneself out as engaging i…

[§466M-7] Registration process. An applicant for registration under this chapter shall file an application for registration with the director on a form prescribed by the director and pay a fee established by the director. The form shall require any information necessary to determ…

[§466M-8] Criminal history record checks. (a) The application submitted pursuant to section 466M-7 shall contain the information and authorizations necessary to conduct a criminal history record check in accordance with section 846-2.7 for: (b) The information and authorizations …

[§466M-9] Appraisal management company registration numbers. (a) The director shall issue a unique registration number to each appraisal management company registered in this State. (b) The director shall maintain a list of the appraisal management companies that are registered w…

§467-1 Definitions. As used in this chapter: "Commission" means the real estate commission of the State. "Custodian or caretaker" means any individual, who for compensation or valuable consideration, is employed as an employee by a single owner and has the responsibility to manag…

§467-1.5 Employer-employee relationship. Nothing in this chapter or in any of the rules adopted to implement this chapter shall be deemed to create an employer-employee relationship between a real estate broker and the broker's licensees; provided that the commission shall have a…

§467-1.6 Principal brokers. (a) The principal broker shall have direct management and supervision of the brokerage firm and its real estate licensees. (b) The principal broker shall be responsible for: (c) The principal broker may delegate management and supervision duties to one…

§467-10 Form of licenses, registrations, and certificates. The form of every license, registration, and certificate shall be prescribed by the commission, and shall be issued in the name of the commission. [L 1933, c 140, §9; RL 1935, §7318; am L 1935, c 126, §1; RL 1945, §7739; …

§467-11 Fees; original license and biennial renewals. (a) All fees for applications, registrations, certificates, and any license prescribed by this chapter shall be deposited to the credit of the compliance resolution fund established pursuant to section 26-9(o), and all fees al…

§467-11.5 Prerequisites for license renewal. (a) Prior to the license renewal of a real estate broker or real estate salesperson, the licensee shall provide the commission with proof of having attended at least twenty hours of continuing education or its equivalent as determined …

§467-12 Place of business and posting of license. (a) A licensed real estate broker shall have and maintain a definite place of business in the State, in compliance with this chapter and the rules of the commission, and shall display therein the real estate broker's license and u…

§467-13 Delivery of agreement. When a licensee prepares or has prepared an agreement authorizing the licensee to perform any of the acts for which the licensee is required to hold a license, or when such licensee secures the signature of any party or parties to any contract perta…

§467-14 Revocation, suspension, and fine. In addition to any other actions authorized by law, the commission may revoke any license issued under this chapter, suspend the right of the licensee to use the license, fine any person holding a license, registration, or certificate iss…

§467-15 Hearings. In every case where it is proposed to revoke or suspend the exercise of any license, fine any person holding a license, registration, or certificate, terminate any registration or certificate, or take any other action authorized by law, for any of the causes enu…

§467-15.5 License issued after a revocation or automatic termination. A person whose license has been revoked, or automatically terminated in accordance with section 467-18(e), may apply for a license as a new applicant after the revocation or termination period and, if applicabl…

§467-16 Real estate recovery fund; use of fund; fees. (a) The commission shall establish and maintain a trust fund which shall be known as the real estate recovery fund from which any person aggrieved by an act, representation, transaction, or conduct of a duly licensed real esta…

§467-17 Additional payments to fund. (a) If the balance remaining in the real estate recovery fund is less than $350,000, the department of commerce and consumer affairs shall assess every real estate licensee an additional payment to the recovery fund as provided in rules adopte…

§467-18 Statute of limitation; recovery from fund. (a) No action for a judgment that subsequently results in an order for collection from the real estate recovery fund shall be started later than two years from the accrual of the cause of action thereon. When any aggrieved person…

§467-19 Management of fund. (a) The sums received by the real estate commission for deposit in the real estate recovery fund shall be held by the commission in trust for carrying out the purpose of the real estate recovery fund. The real estate commission, as the trustee of the r…