(a) Arbitration awards, records of awards, and supplementary, dissenting, or explanatory opinions recorded pursuant to this section shall be public records.
Terms Used In Hawaii Revised Statutes 466K-6
Appraisal: A determination of property value.
Arbitrator: means an individual appointed to render an award in a controversy that is subject to an agreement to arbitrate. See Hawaii Revised Statutes 466K-5
Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(b) In an arbitration proceeding to determine the fair market value, fair market rental, or fair and reasonable rent of real property where the arbitrator is a real estate appraiser licensed or certified under this chapter, the record of an award shall include but not be limited to findings of fact; the state-licensed or certified appraiser’s rationale for the award; the state-licensed or certified appraiser’s certification of compliance with the most current Uniform Standards of Professional Appraisal Practice as approved by the director; and information regarding the evidence, including the data, methodologies, and analysis that provided the basis for the award.(c) A real estate appraiser licensed or certified under this chapter who is named or appointed as an arbitrator in a submission agreement to appraise or arbitrate entered into after July 1, 2014, shall record with the bureau of conveyances all arbitration awards; records of awards, if separately issued; and any supplementary, dissenting, or explanatory opinions on awards within ninety days of the notification of the determination of the award to the parties.(d) No agreement between the parties or the appraisers acting as arbitrators shall preclude or deny the requirement to record an award, the record of an award, or any supplementary, dissenting, or explanatory opinions as required by this section.(e) Failure to comply with this section shall be a violation of this chapter for purposes of licensing or certification.
