The following conduct by an appraiser may be considered grounds for disciplinary action by the Director, namely the appraisers:

(a) Permitted his or her signature to be affixed to any appraisal report if such report was not prepared by the appraiser or under the appraiser’s direct supervision, unless acknowledgement of this is clearly stated in the report;

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(b) Accepted an engagement to appraise property where the employment or fee is contingent upon reporting a predetermined or specified value, or is otherwise contingent upon a particular finding to be reported;

(c) Made the fee or compensation in any case where the amount of an award or recovery would be affected by the appraisal, contingent upon the award or recovery; or establish a fee arrangement based on a percentage of the final estimate of value;

(d) Violated any provision of this Act or any rule or regulation promulgated hereunder;

(e) Made a false or misleading statement in that portion of a written appraisal report that deals with professional qualification, or in any testimony concerning professional qualifications;

(f) Did not disclose the use of professional assistance that deviates from the normal data research procedure, in arriving at the analyses, opinions or conclusions concerning real estate contained in an appraisal report signed by the appraiser;

(g) Signed or co-signed an appraisal report without accepting responsibility for the contents of the entire report;

(h) Rendered professional real estate appraisal services when the appraiser knew, or when a reasonable person with the same experience would have known, that his or her professional experience with respect to the subject matter of the assignment was insufficient to permit completion of the assignment: (1) without associating with another appraiser who has had such previous experience; or (2) unless the applicant or licensee discloses such lack of experience to the client prior to accepting the assignment.

(i) Contracted or accepted compensation for appraisal services in the form of a commission, rebate, a division of brokerage commissions or any other similar forms;

(j) Received or paid finder’s or referral fees;

(k) Made any use of advertising media in connection with the real estate appraisal practice in the manner expressly prohibited by the rules of the Director;

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(l) Failed to comply with the minimum requirements for an appraisal as set forth in this Act;

(m) Disclosed an appraisal report in its entirety or those portions of a report that contain analyses, opinions or conclusions concerning the tract or parcel of real estate which is the subject of the report, to anyone other than:

(1) Those persons specifically authorized by the client to receive such information.

(2) Third parties, when and to the extent that the appraiser is legally required to do so by order of the court.

(3) Duly authorized representatives of nationally recognized professional organizations.

(n) Disclosed confidential factual data which came into the appraiser’s possession in the course of an appraisal assignment when such confidential factual data are used in the appraisal report, to anyone other than those persons specifically authorized by the client to receive such information, or to third parties, when and to the extent that an individual is legally required to do so by order of the court; or

(o) Was grossly negligent or incompetent in the practice of real estate appraising. The type of error that affect an appraiser’s compe- tence and may place the appraiser in violation of this provision is as follows: A willful error of omission or commission of an act which substantially and materially affects the results of an individual appraisal assignment, and evidence the fact that an appraiser is repeatedly rendering professional services in a careless and negligent manner.

SOURCE: Added by P.L. 21-28:16. Subsection (f) amended by P.L. 27-115:15. Subsection (k) amended by P.L. 27-115:16. Subsection (l) amended by P.L. 27-
115:17. Subsection (m) amended by P.L. 27-115:18.