Md. Code Regs. 09.19.11.03

Current through Register Vol. 51, No. 12, June 14, 2024

Section 09.19.11.03 - Review Process

When an appraisal report is submitted to a roster participant for review and evaluation for compliance with USPAP:

A. The assignment of the appraisal review will be based on the geographic location of the subject property, the type of property appraised, and the expertise and qualifications of the VERA roster participant;

B. The appraiser reviewing the report will be given specific written instructions by the Application/Complaint Committee as to the scope of the assignment;

C. The appraiser will have 30 days in which to complete a review for residential properties and 45 days for all other properties;

D. Extensions of the time for review may be granted upon written request from the appraiser to the Application/Complaint Committee;

E. The appraiser shall provide the Application/Complaint Committee with written results of the review;

F. Confidential information, such as the identities of the appraiser who prepared a report and the lender/client, will not be disclosed to the appraiser reviewing the report; and

G. The appraiser reviewing the report will keep all information and documents submitted as part of the review confidential.

Md. Code Regs. 09.19.11.03

Regulations .03 adopted as an emergency provision effective January 5, 2000 (27:2 Md. R. 140); adopted permanently effective June 26, 2000 (27:12 Md. R. 1139)