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Section 192 - Contingent Real Estate Appraisal Assignments; Contingent Specialized Services Fees

MA Gen L ch 112 § 192 (2019) (N/A)
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Section 192. A. A state-certified general real estate appraiser, state-certified residential real estate appraiser or state-licensed real estate appraiser shall not accept a fee for an appraisal assignment that is contingent upon the appraiser reporting a predetermined estimate, analysis or opinion or is contingent upon the opinion, conclusion or valuation reached, or upon the consequences resulting from the appraisal assignment.

B. A state-certified or state-licensed real estate appraiser who enters into an agreement to perform specialized services may be paid a fixed fee or a fee that is contingent on the results achieved by the specialized services.

C. If a state-certified general real estate appraiser, state-certified residential real estate appraiser or state-licensed real estate appraiser enters into an agreement to perform specialized services for a contingent fee, this fact shall be clearly stated in each written report of an appraisal. In each written report, this fact shall be clearly stated in a prominent location in such report and also in each letter of transmittal and in the certification statement made by the appraiser in such report.