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) 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 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.
(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 382, 2008 General Session
Amended by Chapter 387, 2008 General Session
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Last revised: Wednesday, October 08, 2008