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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