(a) An appraisal management company may not remove an appraiser from its appraiser panel, or otherwise refuse to assign requests for real estate appraisal services to an appraiser without:

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Terms Used In Tennessee Code 62-39-424

  • 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
  • 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
  • Commission: means the real estate appraiser commission created by §. See Tennessee Code 62-39-402
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Real estate: means an identified parcel or tract of land, including improvements, if any. See Tennessee Code 62-39-102
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • USPAP: means the appraisal standards promulgated by the Appraisal Standards Board of the Appraisal Foundation. See Tennessee Code 62-39-402
(1) Notifying the appraiser in writing of the reasons why the appraiser is being removed from the appraiser panel of the appraisal management company;
(2) If the appraiser is being removed from the panel for illegal conduct, violation of the USPAP, or a violation of state licensing standards, describing the nature of the alleged conduct or violation; and
(3) Providing an opportunity for the appraiser to respond to the notification of the appraisal management company.
(b) An appraiser who is removed from the appraiser panel of an appraisal management company for alleged illegal conduct, violation of the USPAP, or violation of state licensing standards, may file a complaint with the commission for a review of the decision of the appraisal management company, except that in no case shall the commission make any determination regarding the nature of the business relationship between the appraiser and the appraisal management company which is unrelated to the actions specified in subsection (a).
(c) If after notice and an opportunity for hearing and review, the commission determines that an appraiser did not commit a violation of law, a violation of the USPAP, or a violation of state licensing standards, the commission shall order that such appraiser be added to the appraiser panel of the appraisal management company.
(d) If the commission has found that the appraisal management company acted improperly in removing the appraiser from the appraiser panel, an appraisal management company may not refuse to make assignments for real estate appraisal services to an appraiser, or reduce the number of assignments, or otherwise penalize the appraiser.
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