(a) No employee, director, officer, or agent of an appraisal management company shall influence or attempt to influence the development, reporting, or review of an appraisal through coercion, extortion, collusion, inducement, intimidation, bribery or in any other manner, including but not limited to:
Terms Used In Tennessee Code 62-39-419
Appraisal: A determination of property value.
Appraisal: means the act or process of developing an opinion of value of identified real estate. See Tennessee Code 62-39-402
Appraisal report: means any communication, written or oral, of an opinion of value of identified real estate. See Tennessee Code 62-39-102
Appraiser: means an individual who holds a license under part 1 of this chapter. See Tennessee Code 62-39-402
Appraiser panel: means a network, list, or roster of appraisers approved by an AMC to perform appraisals as independent contractors for the AMC. See Tennessee Code 62-39-402
Contract: A legal written agreement that becomes binding when signed.
Person: means a natural person or an entity, including a corporation, limited liability company, partnership, sole proprietorship, association, cooperative, estate, trust, or government unit. See Tennessee Code 62-39-402
written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
(1) Withholding or threatening to withhold timely payment for an appraisal, except in cases of substandard performance or noncompliance with conditions of engagement;(2) Withholding or threatening to withhold future business, or demoting, terminating or threatening to demote or terminate an appraiser;(3) Expressly or impliedly promising future business, promotions, or increased compensation for an appraiser;(4) Conditioning the request for an appraisal or the payment of an appraisal fee or salary or bonus on the opinion, conclusion, or valuation to be reached, or on a preliminary estimate or opinion requested from an appraiser;(5) Requesting that an appraiser provide an estimated, predetermined, or desired valuation in an appraisal report, or provide estimated values or comparable sales at any time prior to the appraiser’s completion of an appraisal;(6) Providing to an appraiser an anticipated, estimated, encouraged, or desired value for a subject property or a proposed or target amount to be loaned to the borrower, except that a copy of the sales contract for purchase transactions may be provided;(7) Providing to an appraiser, or any entity or person related to the appraiser, stock or other financial or nonfinancial benefits;(8) Allowing the removal of an appraiser from an appraiser panel, without prior written notice to such appraiser;(9) Any other act or practice that knowingly impairs or attempts to impair an appraiser’s independence, objectivity, or impartiality;(10) Requiring an appraiser to collect an appraisal fee on behalf of the appraisal management company from the borrower, homeowner, or other third party; or(11) Requiring 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.(b) Nothing in subsection (a) shall prohibit the appraisal management company from requesting that an appraiser:
(1) Provide additional information about the basis for a valuation; or(2) Correct objective factual errors in an appraisal report; or(3) Provide additional information within the appraisal regarding additional sales provided through an established dispute process.
