The Arizona Revised Statutes have been updated to include the revised sections from the 54th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 54th Legislature, 2nd Regular Session, which convenes in January 2020.
DISCLAIMER
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
Every appraisal or reappraisal of property which an association is required to make shall be made as follows:
1. In accordance with the superintendent's rules and regulations on appraisals. Each appraisal shall be filed and preserved by the association during the life of the loan.
2. In the case of an insured or guaranteed loan, by any appraiser appointed by any lending, insuring or guaranteeing agency of the United States or of the state of Arizona which shall insure or guarantee such loan, wholly or in part. A copy of any appraisal or of the commitment or certificate of the insuring or guaranteeing agency shall be filed and preserved by the association during the life of the loan.
3. The superintendent may, when good cause exists, cause an independent appraisal to be made of any property upon which a loan has been made. The reasonable travel and subsistence expenses and compensation to such appraisers not in excess of comparable fees paid for the same or similar appraisals in the same area shall be paid by the association owning or holding such property as mortgagee.