§ 3702. Special Qualifications of Appraisers and Controlling Persons of Appraisal Management Co...
10 CA ADC § 3702Barclays Official California Code of Regulations
10 CCR § 3702
§ 3702. Special Qualifications of Appraisers and Controlling Persons of Appraisal Management Companies.
(1) That the profession of real estate appraisal is vested with a fiduciary relationship of trust and confidence as to clients, lending institutions, and both public and private guarantors or insurers of funds in federally-related real estate transactions and that the qualifications of honesty, candor, integrity, and trustworthiness are directly and substantially related to and indispensable to the practice of the appraisal profession;
(2) That registered Appraisal Management Companies are vested with a relationship of trust and confidence as to their clients, lending institutions, and both public and private guarantors or insurers of funds in federally-related real estate transactions and that the qualifications of honesty, candor, integrity, and trustworthiness are directly and substantially related to and indispensable to their business operations; and
(3) Every holder of a license to practice real estate appraisal, Registrant, Controlling Person of an Appraisal Management Company, or person or entity acting in a capacity requiring a license or Certificate of Registration shall be required to demonstrate by his or her conduct that he or she possesses the qualifications of honesty, candor, integrity, and trustworthiness.
Credits
Note: Authority cited: Sections 11313 and 11314, Business and Professions Code. Reference: Chapter 491 Statutes of 1991, Section 4; Sections 11340(c), 11345.1, 11345.2, 11345.3, 11345.4, 11345.45 and 11345.6, Business and Professions Code; and Section 1103 of Public Law 101-73 (12 USC 3301, etc.) Title XI (Real Estate Reform Amendment).
History
1. Renumbering and amendment of former section 3544 to new section 3702 filed 11-1-96; operative 11-1-96 pursuant to Government Code section 11343.4(d) (Register 96, No. 44). For prior history, see Register 94, No. 23.
2. Amendment of section heading, section and Note filed 1-21-2010 as an emergency; operative 1-21-2010 (Register 2010, No. 4). A Certificate of Compliance must be transmitted to OAL by 7-20-2010 or emergency language will be repealed by operation of law on the following day.
3. Amendment of section heading, section and Note refiled 7-21-2010 as an emergency; operative 7-21-2010 (Register 2010, No. 30). A Certificate of Compliance must be transmitted to OAL by 10-19-2010 or emergency language will be repealed by operation of law on the following day.
4. Amendment of section heading, section and Note refiled 10-18-2010 as an emergency; operative 10-18-2010 (Register 2010, No. 43). A Certificate of Compliance must be transmitted to OAL by 1-18-2011 or emergency language will be repealed by operation of law on the following day.
5. Certificate of Compliance as to 10-18-2010 order transmitted to OAL 12-17-2010 and filed 1-31-2011 (Register 2011, No. 5).
6. Change without regulatory effect amending subsections (a) and (b) filed 2-11-2014 pursuant to section 100, title 1, California Code of Regulations (Register 2014, No. 7).
This database is current through 5/10/24 Register 2024, No. 19.
Cal. Admin. Code tit. 10, § 3702, 10 CA ADC § 3702
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