Sec 6-457. Appraisals

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.