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<section article="gbo" article_name="Business Occupations and Professions" number="16-402" title_number="16" title_name="Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors" subtitle_number="4" subtitle_name="Miscellaneous Provisions for Real Estate Appraisers">
  <level label="a">
    <level label="1">
      <text>In this section the following words have the meanings indicated.</text>
    </level>
    <level label="2">
      <text>“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.</text>
    </level>
    <level label="3">
      <level label="i">
        <text>“Specialized appraisal service” means all appraisal services, other than an independent appraisal service.</text>
      </level>
      <level label="ii">
        <text>“Specialized appraisal service” includes:</text>
        <level label="1">
          <text>marketing and feasibility studies that are designed to persuade third parties that a market exists or that a project is feasible; and</text>
        </level>
        <level label="2">
          <text>analyses, opinions, conclusions, or estimates of value about real estate investment, mortgage banking, real estate counseling, and real estate tax counseling.</text>
        </level>
      </level>
    </level>
  </level>
  <level label="b">
    <text>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.</text>
  </level>
  <level label="c">
    <level label="1">
      <text>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.</text>
    </level>
    <level label="2">
      <text>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:</text>
      <level label="i">
        <text>an oral appraisal report;</text>
      </level>
      <level label="ii">
        <text>a prominent place in a written appraisal report;</text>
      </level>
      <level label="iii">
        <text>the certification statement that accompanies a written appraisal report; and</text>
      </level>
      <level label="iv">
        <text>a letter of transmittal.</text>
      </level>
    </level>
  </level>
</section>
