Introduced Senate Bill (S)

Authored by

DIGEST

Real estate appraiser compensation rates. Requires real estate appraisal management companies to compensate real estate appraisers for performing appraisals at a rate that is customary and reasonable for appraisals performed in the market area in which the property that is appraised is located based on: (1) objective third party information, including government agency fee schedules, academic studies, and independent private sector surveys; or (2) customary and reasonable appraisal compensation rate schedules established by the real estate appraiser licensure and certification board. Real estate appraiser compensation rates. Requires real estate appraisal management companies to compensate real estate appraisers for performing appraisals at a rate that is customary and reasonable for appraisals performed in the market area in which the property that is appraised is located based on: (1) objective third party information, including government agency fee schedules, academic studies, and independent private sector surveys; or (2) customary and reasonable appraisal compensation rate schedules established by the real estate appraiser licensure and certification board.