Current through Register Vol. XLI, No. 35, August 30, 2024
Section 190-5-8 - Responsibilities and Duties of Appraisal Management CompaniesAn appraisal management company registered under the provisions of this article shall:
8.1. Have a system in place to verify that any appraiser being added to its appraiser panel to appraise properties in West Virginia is licensed or certified by this state and in good standing. The appraisal management company shall verify the status of the appraiser by 8.1.a. Contacting the West Virginia Real Estate Appraiser Licensing and Certification Board; or8.1.b. Using the National Registry of the Appraisal Subcommittee.8.2. Have a system in place to review the work of utilized appraisers who perform appraisal services for the appraisal management company in this state to validate that the services were conducted in conformity with the USPAP.8.2.a. An appraisal management company is not required to review all appraisals performed by each appraiser, but may choose a representative sample of each appraiser's reports.8.2.b. An appraisal management company shall review each appraiser's work at least once a year and shall keep records of such reviews for a period of five (5) years from the date they are done.8.2.c. Any employee or independent contractor appraiser of an appraisal management company that performs an appraisal review shall:8.2.c.1. Be licensed in this state or any other state;8.2.c.2. At a minimum hold the same certification level for the property type as the appraiser who performed the appraisal;8.2.c.3. Verify the work of the appraisers performing appraisals for the appraisal management company is being conducted in accordance with the minimum USPAP standards; and8.2.c.4. Inform the board, when there is reasonable belief, that an appraiser is in violation of the laws, rules, or uniform standards regarding appraisers, including but not limited to grounds for disciplinary action as prescribed in W. Va. Code § 30-38-12.8.3. Designate a controlling person, who is responsible for compliance with W. Va. Code § 30-38A-13 and the provisions of this rule, and notify the board, in writing within ten (10) business days, of any change in its controlling person;8.4. Maintain a registered agent for service of process and provide the board with the same information for the agent that is provided to the Secretary of State; and notify the board, in writing, within ten (10) business days, of change of a registered agent;8.5. Disclose to its client the actual fees paid to an appraiser for appraisal services, separate from any other fees or charges for appraisal management services, and make the information available to the board upon request; and8.6. Inform the board in writing within ten (10) business days of the effective date of any change to: 8.6.a. The business name;8.6.b. The physical and mailing address, company name, telephone number, website, facsimile, or email address;8.6.c. The owner who is an employee of or consultant for the appraisal management company and contact information for that person.