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Current as of January 01, 2024 | Updated by FindLaw Staff
An appraisal management company commits unprofessional conduct if it:
(1) Requires an appraiser to modify an aspect of an appraisal which modification is not related to substandard performance or noncompliance with the terms of a contract or agreement;
(2) Requires an appraiser to prepare an appraisal when the appraiser believes, in his or her own professional judgment and notifies the appraisal management company in a timely manner, that the appraiser does not have the necessary expertise for the specific geographic area or is otherwise not competent to perform the appraisal;
(3) Requires an appraiser to prepare an appraisal under a certain time frame that the appraiser believes, in his or her own professional judgment and notifies the appraisal management company in a timely manner, that the appraiser does not have the necessary time to meet all the necessary and relevant legal and professional obligations;
(4) Prohibits or inhibits communication between an appraiser and any other person from whom the appraiser, in the appraiser's own professional judgment, believes information would be relevant;
(5) Requests an appraiser to do anything that does not comply with:
(A) The USPAP; or
(B) The requests of 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:
(A) A loan closing; or
(B) An appraisal for a specific dollar amount.
Cite this article: FindLaw.com - West Virginia Code Chapter 30. Professions and Occupations § 30-38A-14. Unprofessional conduct - last updated January 01, 2024 | https://codes.findlaw.com/wv/chapter-30-professions-and-occupations/wv-code-sect-30-38a-14/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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