1. (a) An applicant for registration as a real estate appraisal management company shall submit

   1. (1) a complete notarized application on a form approved by the board and provided by the department that includes

      1. (A) the names and addresses of all owners of the company, including natural persons or entities;
      2. (B) the name and contact information of the company's agent if applicable under AS 08.87.135(a)(2);
      3. (C) a list of all certified real estate appraisers in the state who perform appraisals for the company;
      4. (D) a list of all states in which the appraisal management company performs appraisals;

      5. (E) the name of the controlling person and evidence satisfactory to the board that the controlling person

         1. (i) has an active real estate appraiser certificate in good standing in a state;
         2. (ii) has not had action under AS 08.87.135(b)(2) taken by this state against a real estate appraiser certificate; and
         3. (iii) is of good moral character; and

      6. (F) certification that the

         1. (i) appraisers on the appraiser panel are in compliance with the Uniform Standards of Professional Appraisal Practice (USPAP) and are qualified to conduct federally related transactions under federal law;
         2. (ii) owners are in compliance with (b) of this section; and
         3. (iii) appraisals are conducted independently and free from inappropriate influence and coercion as required by AS 08.87.135(a)(6);
   2. (2) the applicable fees required in 12 AAC 02.370; and
   3. (3) a copy of a surety bond in the amount of $50,000.
2. (b) In accordance with AS 08.87.135(a)(7), an owner of an appraisal management company may not have had a real estate appraiser certificate denied, cancelled, suspended, revoked, put on probation, or surrendered in lieu of a pending revocation for a substantive cause as determined by the board. A controlling person of a real estate management company must be of good moral character as defined in this section.

3. (c) "Good moral character" under this section is defined as a personal history of honesty, fairness, and respect for the rights of others and for state and federal law. A person applying for a registration is ineligible for registration due to failure to satisfy the requirement of good moral character if

   1. (1) there is substantial connection between the lack of good moral character of the person and the professional responsibilities of an appraiser, a controlling person, or owner of an appraisal management company; and
   2. (2) the finding by the board of lack of good moral character is supported by clear and convincing evidence.

(Eff. 3/28/2019, Register 229; am 4/8/2021, Register 238)

Authority: AS 08.87.020, AS 08.87.130, AS 08.87.135