The fair market value of the real property securing a shared appreciation loan shall
be determined annually as provided in this article. The lender shall select an independent appraiser annually to perform an appraisal
of the property subject to a shared appreciation loan. The appraisal shall be performed within 30 days preceding the anniversary date of
the loan and a copy of the current appraisal shall be sent by first-class mail to
the borrower no later than five days following the anniversary date of the loan, together
with a notice informing the borrower that the appraisal will constitute a final and
conclusive determination of the value of the property for certain purposes and that
if the borrower disputes the amount of the appraisal, the borrower may procure an
independent appraisal as provided in Section 1917.041. The lender may require the borrower to pay for the cost of the appraisal.
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