Sec. 11. (a) A person may not own an interest in an appraisal management company if the person has had the person’s license or certificate to act as a real estate appraiser in Indiana or any other state revoked and the license or certificate has not been reinstated.

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Terms Used In Indiana Code 25-34.1-11-11

  • Appraisal: A determination of property value.
  • appraisal: has the meaning set forth in Indiana Code 25-34.1-11-1
  • appraisal management company: means a person that, for compensation, acts as a third party intermediary by contracting with independent real estate appraisers to perform appraisals for other persons. See Indiana Code 25-34.1-11-2
  • Broker: means a person who:

    Indiana Code 25-34.1-1-2

  • License: means a broker license issued under this article and which is not expired, suspended, or revoked. See Indiana Code 25-34.1-1-2
  • person: means an individual engaged in a trade or business, an association, a partnership, a limited partnership, a limited liability company, a corporation, or a similar entity. See Indiana Code 25-34.1-11-5
  • Real estate: means any right, title, or interest in real property. See Indiana Code 25-34.1-1-2
  • real estate appraiser: means a person who:

    Indiana Code 25-34.1-11-6

     (b) An appraisal management company may only hire an independent contractor to perform an appraisal who:

(1) holds a license or certificate under IC 25-34.1-3-8 or a license as a real estate broker under IC 25-34.1; and

(2) is in good standing.

     (c) An appraisal management company may not corrupt or improperly influence a real estate appraiser in violation of IC 24-5-23.5-7.

As added by P.L.77-2010, SEC.2.

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