Michigan Laws 339.2609 – Appraisal; requirements
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An appraisal shall be in writing and shall do all of the following:
(a) Disclose any limitations on the type of analysis, valuation, or opinion.
Terms Used In Michigan Laws 339.2609
- Appraisal: means an opinion, conclusion, or analysis relating to the value of real property but does not include any of the following:
(i) A market analysis performed by a person that is licensed under article 25 solely for the purpose of assisting a customer or potential customer in determining the potential sale, purchase, or listing price of real property or the rental rate of real property as long as a fee or any other valuable consideration is not charged for that analysis. See Michigan Laws 339.2601Appraisal: A determination of property value. Appraiser: means an individual who is engaged in or offering to engage in the development and communication of an appraisal. See Michigan Laws 339.2601 in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q
(b) Be independently and impartially prepared and conform to the uniform standards of professional appraisal practice and any other standards adopted by the director.
(c) Include an opinion of defined value of adequately described real property as of a specific date and be supported by the presentation and analysis of relevant market information.
(d) Indicate on every appraisal report the license number and level of licensure of the appraiser.