Appraisal Management Companies
- Register an Appraisal Management Company
- Update Information
- National Registry
- Forms and Applications
- Statutes and Administrative Rules
- Appraiser Board
- Access to Government Records
- Related Websites
Frequently Asked Questions
An appraisal management company is required to register under this chapter if, in a calendar year, the company:
- contracts with one or more appraisers for the performance of 10 or more appraisals in the state;
- oversees an appraiser panel of more than 15 appraisers certified or licensed in the state OR oversees an appraiser panel of 25 or more certified or licensed appraisers, including: at least one appraiser certified or licensed in the state and at least one appraiser certified or licensed in a state other than Utah, a territory, or the District of Columbia.
Registration as an appraisal management company is not required of:
- (a) an entity that: exclusively employs an individual on an employer-employee basis for the performance of a real estate appraisal activity in the normal course of the entity's business; (b) is responsible for ensuring that the real estate appraisal activity being performed by an employee is performed in accordance with applicable appraisal standards; and (c) is a federally regulated appraisal management company
- an individual who: (a) is an appraiser; and (b) in the normal course of business enters into an agreement, whether written or otherwise, with another appraiser for the performance of a real estate appraisal activity that the individual cannot complete for any reason, including: competency; work load; schedule; or geographic location
- an individual who: (a) in the normal course of business enters into an agreement, whether written or otherwise, with an appraiser for the performance of a real estate appraisal activity; and (b) under the agreement, cosigns the report of the appraiser performing the real estate appraisal activity upon the completion of the real estate appraisal activity.
An AMC seeking registration shall demonstrate to the division that each person who selects an appraiser or reviews an appraiser's work for the AMC: (a) is a licensed or certified appraiser in good standing; or (b) has taken and passed the 15-hour national USPAP course.
An AMC seeking renewal of the company's registration shall demonstrate to the division that each person who selects an appraiser or reviews an appraiser's work for the AMC: (a) is a licensed or certified appraiser in good standing; or (b) has completed the seven-hour national USPAP update course.
Non-Appraiser employees may complete a USPAP course that is approved in states other than Utah. (assuming that the other state is in compliance with verifying that the course has approval through the AQB approval program)
AMC renewal is required every two years on the last day of the month that you were originally registered in. (ex: initial registration issued 7/16/2021 - renewal will be required by 7/31/2023 and then every two years thereafter, by July 31st.
Please note that there is an annual reporting requirement for the AMC National Registry that is due annually in May. This is separate from your renewal. Forms and instructions will be provided to each actively registered AMC in the months preceding the due date.
A registration expires if it is not renewed on or before its expiration date. There is a one year reinstatement period wherein the registration may be reinstated by completing the renewal requirements and paying a late fee of $50 (within the first 30 days) or a reinstatement fee of $100 (within one year of expiration).
During the time a registration is expired, the AMC must cease all AMC related business in the state of Utah until the time that the license has been reinstated.