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New Rules

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nm505

Member
Joined
Nov 7, 2008
Professional Status
Certified Residential Appraiser
State
New Mexico
NM Real Estate Appraisal Board Meeting - October 15th

re: Proposed Rule Changes for Appraisers & AMCs

The Appraisal Board voted on several new rule changes which could go into effect as soon as November. The new proposed rule changes are on the board's website and include the following:
"An AMC must clearly indicate on each engagement letter that it is a requirement for an appraiser
to be both product and geographically competent to complete the assignment. The acceptance of an assignment will serve as the appraiser’s attestation that they are competent to accept the assignment. An AMC must clearly disclose its registration number on each engagement letter sent to an appraiser.
B. An AMC must disclose the following fees within the engagement letter sent to an appraiser:
(1) the total fee that will be collected by the AMC for the assignment; and
(2) the total amount that the AMC will retain from the fee charged, disclosed as a dollar amount; and
(3) direct the appraiser who performs the real estate appraisal activity to disclose in the body of the appraisal report:
(a) the total compensation, stated as a dollar amount, paid to the appraiser or, if the appraiser is employed by an appraisal company, to the appraiser's employer; and
(b) the total compensation retained by the AMC in connection with the real estate appraisal activity, stated as a dollar amount."

Note: The engagement letter provided by the AMC should be included in the report and will fulfill the appraiser's requirement for fee disclosures. They must also provide their NM registration number and their tax exempt number. You may be asked for your CRS number which is your state gross receipts number. The engagement letter may be included as an addendum.
 
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Rich Heyn

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Michigan
Any idea as to what they might have meant by "product" competent?
 

nm505

Member
Joined
Nov 7, 2008
Professional Status
Certified Residential Appraiser
State
New Mexico
I can only assume that they mean that you would not use a driveby if a full appraisal was needed for reasons that you have determined are relevant or as one thread indicated that the client was asking for a 1004 for a multi-family property.
 
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NORTON

Senior Member
Joined
Oct 10, 2007
Professional Status
Certified Residential Appraiser
State
California
WOW....those are some real nice rules.....1 down, 49 to go!
 
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