Utah Code 61-2g-406. Contingent fees
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(1) A person licensed or certified under this chapter who enters into an agreement to perform an appraisal may not accept a contingent fee.
Terms Used In Utah Code 61-2g-406
- Contingent fee: means a fee or other form of compensation, payment of which is dependent on or conditioned by:(1)(i)(i) the reporting of a predetermined analysis, opinion, or conclusion by the person performing the analysis, opinion, or conclusion; or(1)(i)(ii) achieving a result specified by the person requesting the analysis, opinion, or conclusion. See Utah Code 61-2g-102
- Person: means :
(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5- Property: includes both real and personal property. See Utah Code 68-3-12.5
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(2) A person may accept payment of a fixed fee or a contingent fee when the person:(2)(a) if the person is not licensed or certified under this chapter, presents or provides a price estimate or property tax information in accordance with Section 59-2-1017; or(2)(b) if the person is licensed or certified under this chapter, enters into an agreement to provide consultation services.(3) A person that accepts payment of a fee under Subsection (2) shall:(3)(a) clearly state in each oral statement the fact that the person is accepting payment of a fee under a contingent fee arrangement and whether the person is licensed or certified under this chapter; and(3)(b) clearly state in any written consultation report or summary, letter of transmittal, certification statement, price estimate, or property tax information that the document is prepared under a contingent fee arrangement and whether the person is licensed or certified under this chapter. - Person: means :