An AMC that is not owned by a federally insured depository institution wants to manage appraisal panels in a state that has an AMC registration program. Under the federal AMC minimum requirements, with whom must it register?
Correct Answer
D) That state's appraiser licensing agency
In a participating state, an AMC that is not a federally regulated AMC must register with, and be supervised by, the state appraiser certifying and licensing agency (12 CFR 34.213). Federally regulated AMCs (owned and controlled by an insured depository institution) are not registered by the state but must still meet the minimum requirements and are reported to the AMC Registry. The ASC monitors state programs and keeps the national registry but does not register AMCs.
Why This Is the Correct Answer
In a participating state, an AMC that is not a federally regulated AMC must register with, and be supervised by, the state appraiser certifying and licensing agency (12 CFR 34.213). Federally regulated AMCs (owned and controlled by an insured depository institution) are not registered by the state but must still meet the minimum requirements and are reported to the AMC Registry. The ASC monitors state programs and keeps the national registry but does not register AMCs.
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