Iowa Code 543E.15 – Prohibited acts
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An appraisal management company registered under this chapter, or an employee, owner, director, controlling person, or other agent of an appraisal management company, shall not do any of the following:
1. Require an appraiser to indemnify an appraisal management company or hold an appraisal management company harmless for any liability, damage, losses, or claims arising out of the services performed by the appraisal management company, and not the services performed by the appraiser.
Terms Used In Iowa Code 543E.15
- Appraisal: A determination of property value.
- Electronic: means the same as defined in section 554D. See Iowa Code 554E.1
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- property: includes personal and real property. See Iowa Code 4.1
- Rule: includes "regulation". See Iowa Code 4.1
- seal: shall include an impression upon the paper alone, or upon wax, a wafer affixed to the paper, or an official stamp of a notarial officer as provided in chapter 9B. See Iowa Code 4.1
- Signature: includes an electronic signature as defined in section 554D. See Iowa Code 4.1
2. Alter, modify, or otherwise change a completed appraisal report submitted by an appraiser without the appraiser’s written consent.
3. Require that an appraiser provide the appraisal management company with the appraiser’s digital or electronic signature, seal, or certification, or any password or other form of security intended to prevent persons other than the appraiser from affixing the appraiser’s digital or electronic signature, seal, or certification on a completed appraisal report.
4. Remove an appraiser from an appraiser panel without prior written notice that identifies the basis for removal. Upon request or in conjunction with an examination, an appraisal management company shall forward to the administrator copies of such notices issued to an appraiser located or certified in Iowa.
5. Require an appraiser to modify any aspect of an appraisal report other than through a request permitted under section 543D.18A, subsection 4.
6. Require an appraiser to perform an appraisal assignment if the appraiser has notified the appraisal management company that, in the appraiser’s own professional judgment, any of the following apply:
a. The appraiser does not have the necessary competence or expertise for the specific geographic area or type of property to be appraised.
b. The time frame under which the appraisal assignment is to be performed is insufficient for the appraiser to meet all relevant legal and professional obligations.
7. Require, either knowingly or through lack of reasonable diligence, an appraiser to take any action that would violate the uniform standards of professional appraisal practice, or any provision of chapter 543D or rule adopted pursuant thereto.
8. Prohibit an appraiser from disclosing the fee paid to the appraiser for appraisal services in the appraisal report.
9. Prohibit or inhibit lawful communications between the appraiser and the lender, a real estate salesperson or broker, or any other person from whom the appraiser, in the appraiser’s own professional judgment, believes information obtained would be relevant to the appraisal assignment.
10. Condition payment of all or any part of an appraiser’s fee or the appraisal management company’s fee on a particular outcome, including but not limited to any of the following outcomes:
a. A loan closing.
b. A specific dollar amount in an appraisal report.
c. An outcome that would violate section 543D.18, subsection 2, or section 543D.18A, subsection 1.
11. Engage in any acts or practices that violate section 543E.14.