West Virginia Code of State Rules
Agency 190 - Real Estate Appraiser Licensing And Certification Board
Title 190 - LEGISLATIVE RULE WEST VIRGINIA REAL ESTATE APPRAISER LICENSING AND CERTIFICATION BOARD
Series 190-05 - Requirements for Registration and Renewal of Appraisal Management Companies
Section 190-5-10 - Payment of Fees to Appraisers
Current through Register Vol. XLI, No. 38, September 20, 2024
10.1. Except in cases of breach of contract or substandard performance, appraisal management companies shall pay an independent appraiser for the completion of an appraisal within forty five (45) days after the appraiser provides the completed appraisal to the appraisal management company unless otherwise agreed to by the parties.
10.2. If an appraisal management company decides that it will not pay a fee to an appraiser for an appraisal, the appraisal management company shall notify the appraiser in writing of the reason for non-payment within thirty (30) days after the appraiser transmits the appraisal to the appraisal management company. The notice shall state the address of the subject property of the appraisal, the name of the appraisers signing the report, and the reason why the fee shall not be paid.
10.3. In cases where the appraisal management company does not pay the appraiser for an appraisal, the appraisal shall not be used by the appraisal management company for any purpose.
