N.M. Admin. Code § 16.62.7.16
Current through Register Vol. 35, No. 23, December 10, 2024
Section 16.62.7.16 - XEMPTION FROM ISSUANCE LICENSE OR CERTIFICATEA. The process of analyzing, without altering, an appraisal report, except appraisal reviews as defined in the Definitions under Paragraph (5) of Subsection A of 16.62.1.7 NMAC of General Provisions AND The Uniform Standards of Professional Appraisal Practice, that is part of a request for mortgage credit, is a specialized service as defined in Subsection Q of Section 61-30-3 NMSA 1978 and is exempt from the requirements of licensing or certification. B. The process of completing an appraisal review, as defined in the Definitions under Paragraph (5) of Subsection A of 16.62.1.7 NMAC of General Provisions AND as defined by the Uniform Standards of Professional Appraisal Practice, completed by a review appraiser holding a valid license or certification and completing the appraisal review from a location outside of New Mexico, is exempt from the requirements of licensing or certification provided the appraisal reviewer has a valid license or certification that corresponds with or is higher than the level of licensure or certification required to perform the appraisal under review.N.M. Admin. Code § 16.62.7.16
Adopted by New Mexico Register, Volume XXX, Issue 01, January 15, 2019, eff. 2/3/2019