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§ 16-402. Fees for appraisal services

West's Annotated Code of MarylandBusiness Occupations and Professions

West's Annotated Code of Maryland
Business Occupations and Professions
Title 16. Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors (Refs & Annos)
Subtitle 4. Miscellaneous Provisions for Real Estate Appraisers (Refs & Annos)
MD Code, Business Occupations & Professions, § 16-402
§ 16-402. Fees for appraisal services
Definitions
(a)(1) In this section the following words have the meanings indicated.
(2) “Independent appraisal service” means an engagement for which a licensed real estate appraiser is perceived by a third party or the public to act as a disinterested third party in rendering an unbiased analysis, opinion, or conclusion about the nature, quality, use, or value for identified real estate, regardless of the intent of the employer.
(3)(i) “Specialized appraisal service” means all appraisal services, other than an independent appraisal service.
(ii) “Specialized appraisal service” includes:
1. marketing and feasibility studies that are designed to persuade third parties that a market exists or that a project is feasible; and
2. analyses, opinions, conclusions, or estimates of value about real estate investment, mortgage banking, real estate counseling, and real estate tax counseling.
Basis for fee
(b) A licensed real estate appraiser who provides an independent appraisal service may not accept a fee that is contingent on a predetermined analysis, opinion, or conclusion or on the results achieved by the appraisal assignment.
Specialized appraisal services
(c)(1) A licensed real estate appraiser who provides a specialized appraisal service may be paid a fixed fee or a fee that is contingent on the results achieved by the specialized appraisal service.
(2) A licensed real estate appraiser who agrees to provide a specialized appraisal service for a contingent fee shall state the existence of the agreement clearly in:
(i) an oral appraisal report;
(ii) a prominent place in a written appraisal report;
(iii) the certification statement that accompanies a written appraisal report; and
(iv) a letter of transmittal.

Credits

Added by Acts 1990, c. 594. Renumbered from Business Occupations and Professions § 15.5-402 by Acts 1994, c. 3, § 13, eff. Feb. 28, 1994.
MD Code, Business Occupations & Professions, § 16-402, MD BUS OCCUP & PROF § 16-402
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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