Appraiser forced to be more honest.
I am a appraiser in Illinois, and I have done many appraisals where it did not come in at purchase price, but some appraisers make sure they hit the number. This would eliminate that!
Legislation has been introduced in Maryland that prohibits an appraiser from performing an appraisal when he or she knows the asking or selling price of the subject property.
Legislation has been introduced in Maryland that would prohibit an appraiser from performing an appraisal when he or she knows the asking or selling price of the subject property. Failure to comply with this legislation could see an appraiser losing their license or certification for 90 days.
The bill also sets out the penalties for violating this act. The violations would be a misdemeanor, not a felony. For the first offense, the fine would be $500 or less. For the second offense, a fine of up to $1,000 and a mandatory 90-day suspension. For a third or any subsequent offense, a fine of up to $5,000 and another mandatory 90-day suspension.
What's the buzz?