South Carolina Code 40-60-450. Payment for completions of an appraisal or valuation assignment
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(A) An appraisal management company shall, except in cases of breach of contract or substandard performance of services, make payment to certified or licensed appraisers, who are independent contractors, for the completion of an appraisal or valuation assignment within forty-five days after the date on which the certified or licensed appraisers, who are independent contractors, transmit or otherwise provide the completed appraisal or valuation study to the appraisal management company or its assignee.
(B) An appraisal management company shall compensate appraisers at a rate that is customary and reasonable for appraisals being performed in the market area of the property being appraised, consistent with the requirements of 15 U.S.C. § 1639e and regulations adopted pursuant to it.
Terms Used In South Carolina Code 40-60-450
- Appraisal: A determination of property value.
- appraisal: means of or pertaining to appraising and related functions including, but not limited to, appraisal practice and appraisal services. See South Carolina Code 40-60-20
- Appraisal report: means any communication, written or oral, of an appraisal. See South Carolina Code 40-60-20
- Appraiser: means a person who holds a permit, license, or certification issued by the board that allows the person to appraise real property. See South Carolina Code 40-60-20
- Contract: A legal written agreement that becomes binding when signed.
- Valuation: means an estimate of the value of real estate or real property. See South Carolina Code 40-60-20
- valuation assignment: means an engagement for which an appraiser is employed or retained to act, or would be perceived by third parties or the public as acting, as a disinterested third party in rendering an unbiased analysis, opinion, or conclusion that estimates the value of real estate. See South Carolina Code 40-60-20
(C) An appraiser may not be prohibited by the appraisal management company, client of the appraiser, or another third party from disclosing the fee paid to the appraiser for the performance of the appraisal in the appraisal report.