Utah Code
Title 61 Securities Division - Real Estate Division
Chapter 2b Real Estate Appraiser Licensing and Certification Act
Section 27 Professional conduct -- Uniform standards.


     61-2b-27.   Professional conduct -- Uniform standards.
     (1) (a) A person licensed, certified, registered, or approved as an expert witness under this chapter must comply with:
     (i) generally accepted standards of professional appraisal practice; and
     (ii) generally accepted ethical rules to be observed by a real estate appraiser.
     (b) Subject to Subsection (1)(c), generally accepted standards of professional appraisal practice are evidenced by the Uniform Standards of Professional Appraisal Practice promulgated by the Appraisal Foundation.
     (c) After a public hearing held in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the board:
     (i) shall adopt and may make modifications of or additions to the Uniform Standards of Professional Appraisal Practice as the board considers appropriate to comply with the Financial Institutions Reform, Recovery, and Enforcement Act of 1989; or
     (ii) may by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, exempt a person licensed, certified, registered, or approved as an expert witness from complying with a provision of the Uniform Standards of Professional Appraisal Practice for an activity that the person engages in on behalf of a governmental entity.
     (2) The board shall schedule a public hearing pursuant to Title 63G, Chapter 3, Utah Administrative Rulemaking Act, for the purpose of deciding whether or not the board should require a modified or supplemental standard or the ethical rule to be observed by a person licensed, certified, registered, or approved as an expert witness under this chapter if the Appraisal Standards Board of the Appraisal Foundation:
     (a) (i) modifies the Uniform Standards of Professional Appraisal Practice;
     (ii) issues a supplemental appraisal standard which it considers appropriate for:
     (A) a residential real estate appraiser; or
     (B) a general real estate appraiser; or
     (iii) issues an ethical rule to be observed by a real estate appraiser; and
     (b) requests the board to consider the adoption of the modified or supplemental standard or ethical rule.
     (3) If, after the notice and public hearing described in Subsection (2), the board finds that a modified or supplemental standard or the ethical rule issued by the Appraisal Standards Board of the Appraisal Foundation is appropriate for a person licensed, certified, registered, or approved as an expert witness under this chapter, the board shall recommend a rule requiring a person licensed, certified, registered, or approved as an expert witness under this chapter to observe the modified or supplemental standard or the ethical rule.

Amended by Chapter 352, 2009 General Session
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