(a) Arbitration awards, records of awards, and supplementary, dissenting, or explanatory
opinions recorded pursuant to this section shall be public records.
(b) In an arbitration proceeding to determine the fair market value, fair market rental,
or fair and reasonable rent of real property where the arbitrator is a real estate
appraiser licensed or certified under this chapter, the record of an award shall include
but not be limited to findings of fact; the state-licensed or certified appraiser's
rationale for the award; the state-licensed or certified appraiser's certification
of compliance with the most current Uniform Standards of Professional Appraisal Practice
as approved by the director; and information regarding the evidence, including the
data, methodologies, and analysis that provided the basis for the award.
(c) A real estate appraiser licensed or certified under this chapter who is named
or appointed as an arbitrator in a submission agreement to appraise or arbitrate entered
into after July 1, 2014, shall record with the bureau of conveyances all arbitration
awards; records of awards, if separately issued; and any supplementary, dissenting,
or explanatory opinions on awards within ninety days of the notification of the determination
of the award to the parties.
(d) No agreement between the parties or the appraisers acting as arbitrators shall
preclude or deny the requirement to record an award, the record of an award, or any
supplementary, dissenting, or explanatory opinions as required by this section.
(e) Failure to comply with this section shall be a violation of this chapter for purposes
of licensing or certification.
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