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§ 16-5B-13. Unprofessional conduct of appraisal management companies

West's Annotated Code of MarylandBusiness Occupations and ProfessionsEffective: July 1, 2011

West's Annotated Code of Maryland
Business Occupations and Professions
Title 16. Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors (Refs & Annos)
Subtitle 5b. Real Estate Appraisal Management Companies (Refs & Annos)
Effective: July 1, 2011
MD Code, Business Occupations & Professions, § 16-5B-13
§ 16-5B-13. Unprofessional conduct of appraisal management companies
Currentness
An appraisal management company commits unprofessional conduct if the appraisal management company:
(1) requires an appraiser to modify an aspect of an appraisal report and the modification requested is not related to substandard performance or noncompliance with the terms of engagement;
(2) requires an appraiser to prepare an appraisal report if the appraiser has notified the appraisal management company that, in the appraiser's own professional judgment, the appraiser believes the appraiser does not have the necessary expertise for the specific geographic area;
(3) requires an appraiser to prepare an appraisal report under a time frame that the appraiser has notified the appraisal management company that, in the appraiser's own professional judgment, the appraiser believes does not afford the appraiser the ability to meet all the relevant legal and professional obligations;
(4) prohibits or inhibits communication between an appraiser and a lender, a real estate licensee, or any other person from whom the appraiser, in the appraiser's own professional judgment, believes information would be relevant;
(5) requires the appraiser to do anything that does not comply with:
(i) the Uniform Standards of Professional Appraisal Practice; or
(ii) any assignment conditions and certifications required by the client; or
(6) makes any portion of the appraiser's fee or the appraisal management company's fee contingent on a favorable outcome, including:
(i) a loan closing; or
(ii) a specific dollar amount being achieved by the appraiser in the appraisal report.

Credits

Added by Acts 2011, c. 269, § 1, eff. July 1, 2011; Acts 2011, c. 270, § 1, eff. July 1, 2011.
MD Code, Business Occupations & Professions, § 16-5B-13, MD BUS OCCUP & PROF § 16-5B-13
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document