Title 43 — Occupations and Professions
99 chapters · 1,384 sections in this title.
N.D.C.C. § 43-23.5-01 Definitions
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As used in this chapter, unless the context otherwise requires: 1. "Appraisal firm" means any person or entity that exclusively employs persons on an employer and employee basis for the performance of real estate appraisal services in the normal course of its business and the rea…
N.D.C.C. § 43-23.5-02 Rulemaking authority
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The board shall have the authority to adopt rules that are reasonably necessary to implement, administer, and enforce the provisions of this chapter.
N.D.C.C. § 43-23.5-03 Registration required
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It is unlawful for a person to directly or indirectly engage or to attempt to engage in business as an appraisal management company, to directly or indirectly perform or to attempt to perform appraisal management services, or to advertise or hold itself out as engaging in or cond…
N.D.C.C. § 43-23.5-04 Registration process
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An applicant for registration as an appraisal management company shall submit to the board an application on forms prescribed by the board and pay a fee established by the board. The forms shall require information necessary to determine eligibility for registration.
N.D.C.C. § 43-23.5-05 Consent to service of process
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An applicant for registration as an appraisal management company that is not domiciled in this state shall complete an irrevocable consent to service of process, as prescribed by the secretary of state.
N.D.C.C. § 43-23.5-06 Expiration of registration
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Registrations will expire on September thirtieth of each year. The expiration date of the registration must appear on the registration and no other notice of its expiration need be given to the registrant.
N.D.C.C. § 43-23.5-07 Exemptions
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The provisions of this chapter do not apply to: 1. An appraisal firm. 2. A federally regulated appraisal management company, or a financial institution, including a department or unit within the institution, that is regulated by an agency of this state or the United States govern…
N.D.C.C. § 43-23.5-08 Owner requirements
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1. An appraisal management company applying for, holding, or renewing a registration under this chapter may not be, in whole or in part, directly or indirectly, owned by an individual who has had an appraiser license or certification in this state or in any other state refused, d…
N.D.C.C. § 43-23.5-09 Controlling person
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An appraisal management company applying for a registration or for renewal of a registration in this state shall designate one controlling person that shall serve as the main contact for all communication between the board and the company. The controlling person shall: 1. Remain …
N.D.C.C. § 43-23.5-10 Employee requirements
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An appraisal management company that applies to the board for a registration or to renew a registration to do business in this state as an appraisal management company may not: 1. Knowingly employ any person for the performance of appraisal or appraisal management services who ha…
N.D.C.C. § 43-23.5-11 Appraiser engagement
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Before or at the time of placing an assignment with an appraiser on the appraiser panel of an appraisal management company, the appraisal management company shall verify that the appraiser receiving the assignment holds a permit in good standing in this state.
N.D.C.C. § 43-23.5-12 Appraisal review
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Any employee of, or independent contractor to, the appraisal management company that performs an appraisal review for a property located in this state must be: 1. A certified or licensed appraiser in good standing in this state; or 2. A certified or licensed appraiser in good sta…
N.D.C.C. § 43-23.5-13 Verification of licensure or certification
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1. An appraisal management company registered in this state may not enter any contract or agreement with an appraiser for the performance of appraisals unless the company verifies that the appraiser is licensed or certified in good standing in this state. 2. An appraisal manageme…
N.D.C.C. § 43-23.5-14 Appraisal management company certification of appraisal review system
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Each appraisal management company seeking to be registered or to renew a registration in this state shall certify to the board on a form prescribed by the board that the company has a system in place to perform an appraisal review of the work product of a statistically significan…
N.D.C.C. § 43-23.5-15 Retention of records
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1. Each appraisal management company seeking to be registered or to renew an existing registration in this state shall certify to the board on a form prescribed by the board that the company maintains a detailed record of each service request that the company receives for apprais…
N.D.C.C. § 43-23.5-16 Fee disclosure system requirement
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1. An appraisal management company registered in this state shall disclose to its clients the fees paid for appraisal management services and the fees paid to the independent appraiser for the completion of an appraisal assignment. 2. An appraisal management company registered in…
N.D.C.C. § 43-23.5-17 Requirement of appraisal management company's payment to appraiser
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1. 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-five days of the date on which the ap…
N.D.C.C. § 43-23.5-18 Appraisal management company registration numbers
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1. The board shall issue a registration number to each appraisal management company that is registered in this state. 2. The board shall maintain a list of the appraisal management companies that are registered with the board. 3. An appraisal management company registered in this…
N.D.C.C. § 43-23.5-19 Fees - Bonds
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1. The board may charge the appraisal management company reasonable fees to help offset costs of operating the board. The board shall establish fees by rule. 2. The board may require by rule a surety bond of not more than twenty-five thousand dollars.
N.D.C.C. § 43-23.5-20 Mandatory reporting
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An appraisal management company that has a reasonable basis to believe an appraiser has failed to comply with applicable laws or rules or has substantially violated the uniform standards of professional appraisal practice shall refer the matter to the board.
N.D.C.C. § 43-23.5-21 Prohibited conduct
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A violation of this section may constitute grounds for discipline against an appraisal management company registered in this state. However, an appraisal management company may request an appraiser provide additional information about the basis for a valuation, correct objective …
N.D.C.C. § 43-23.5-22 Disciplinary proceedings
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The board may deny, suspend, revoke, impose a monetary penalty, issue a letter of reprimand, refuse to issue or renew the registration of an appraisal management company, or take other disciplinary action when: 1. The applicant or any partner has, within twelve months preceding t…
N.D.C.C. § 43-23.5-23 Criminal history background checks
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The board shall require an applicant for registration under section 43-23.5-03, an owner under section 43-23.5-08, or a controlling person under section 43-23.5-09 to submit to a statewide and nationwide criminal history record check. The nationwide criminal history record check …
N.D.C.C. § 43-23.5-24 Penalty
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Any person who performs appraisal management services without a certificate of registration as required by this chapter is guilty of a class A misdemeanor.