Maryland Code, BUSINESS OCCUPATIONS AND PROFESSIONS 16-5B-09
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Terms Used In Maryland Code, BUSINESS OCCUPATIONS AND PROFESSIONS 16-5B-09
- Appraisal: A determination of property value.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
(a) A person applying for registration as an appraisal management company shall certify to the Commission on an annual basis that it will maintain a detailed record of:
(1) each service request that it receives; and
(2) each appraiser that performs the appraisal for the appraisal management company.
(b) An appraisal management company shall retain the records required under subsection (a) of this section for 5 years after an appraisal is completed, or 2 years after final disposition of a judicial proceeding related to the assignment, whichever period expires later.