37-54-519. Unprofessional conduct. An appraisal management company engages in unprofessional conduct if it:
(1) requires an appraiser to modify any aspect of an appraisal report other than those items identified by a quality control examination, including items that are found to be incomplete within the defined scope of work in the original assignment;
(2) requires an appraiser to prepare an appraisal report if the appraiser, in the appraiser's own professional judgment, believes the appraiser does not have the necessary expertise for the specific geographic area and the appraiser has notified the appraisal management company of the issue;
(3) requires an appraiser to prepare an appraisal report under a timeframe that the appraiser, in the appraiser's professional judgment, believes does not allow the appraiser to meet all relevant legal and professional obligations and the appraiser has notified the appraisal management company of the issue;
(4) prohibits or inhibits legal and allowable communication between the appraiser and:
(a) the lender;
(b) a real estate licensee; or
(c) any other person from whom the appraiser, in the appraiser's professional judgment, believes information would be relevant;
(5) requires the appraiser to do anything that does not comply with:
(a) the uniform standards of professional appraisal practice; or
(b) assignment conditions and certifications required by the client;
(6) makes any portion of the appraiser's fee or the appraisal management company's fee contingent on a favorable outcome, including but not limited to:
(a) a loan closing; or
(b) a specific dollar amount being achieved by the appraiser in the appraisal report.
History: En. Sec. 21, Ch. 270, L. 2011.