Delaware Code Title 24 Sec. 4034 – Removal of appraisers from appraiser panels
(a) An appraisal management company shall not remove an appraiser from its appraiser panel, or otherwise refuse to assign requests for real property appraisal services to an independent appraiser, without notifying the appraiser in writing of the reasons for the appraiser being removed from the appraiser panel of the appraisal management company.
Terms Used In Delaware Code Title 24 Sec. 4034
- Appraisal: A determination of property value.
- Appraisal: shall mean an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects of, identified real estate as of a specific date. See Delaware Code Title 24 Sec. 4002
- Appraisal management company: means a corporation, partnership, sole proprietorship, subsidiary or other business entity that directly or indirectly performs appraisal management services, regardless of the use of the term "appraisal management company" "mortgage technology provider" "lender processing services" "lender services" "loan processor" "mortgage services" "real estate closing services provider" "settlement services provider" "vendor management company" or any other term, and that does any of the following:
- Appraiser panel: means a group of independent appraisers that has been selected by an appraisal management company to perform real property appraisal services for the appraisal management company. See Delaware Code Title 24 Sec. 4002
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Council: shall mean the State Council on Real Estate Appraisers established in this chapter. See Delaware Code Title 24 Sec. 4002
- State: shall mean the State of Delaware. See Delaware Code Title 24 Sec. 4002
(b) An independent appraiser that is removed from the appraiser panel of an appraisal management company for alleged illegal conduct, violation of the Uniform Standards of Professional Appraisal Practice or violation of state licensing standards may file a complaint with the Council for a review of the decision of the appraisal management company, except that in no case shall the Council make any determination regarding the nature of the business relationship between the appraiser and the appraisal management company that is unrelated to the actions specified in subsection (a) of this section.
(c) If an independent appraiser files a complaint against an appraisal management company pursuant to subsection (b) of this section, the Council shall adjudicate the complaint within a reasonable time.
(d) If after opportunity for a hearing and review, the Council determines that an independent appraiser did not commit a violation of law, a violation of the Uniform Standards of Professional Appraisal Practice or a violation of this chapter, the Council shall order that the appraiser be added to the appraiser panel of the appraisal management company that was the subject of the complaint. The Council shall furnish the appraisal management company with all written documentation and investigation records that support the Council’s findings.