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APPRAISERS: UNLAWFUL TO BRIBE APPRAISERS
Business & Professions Code Section 11323, Civil Code Section 1090.5
Effective October 5, 2007
The Real Estate Appraisers' Licensing and Certification Law prohibits licensed appraisers from engaging in any appraisal activity in connection with the purchase, sale, or transfer of real property if the appraiser’s compensation is affected by the sales commission generated by the transaction for which the appraisal was made.
This new law prohibits licensed appraisers from engaging in any appraisal activity in connection with the purchase, sale, transfer, financing, or development of real property if his or her compensation is dependent on or affected by the value conclusion generated by the appraisal.
This new law also prohibits anyone with an interest in a real estate transaction involving an appraisal from improperly influencing through coercion, extortion, or bribery, the development, reporting, result, or review of a real estate appraisal sought in connection with a mortgage loan.
For more information:
County of Los Angeles Department of Consumer Affairs
B-96 Kenneth Hahn Hall of Administration
500 W. Temple Street * Los Angeles, CA 90012-2706
Telephone (800) 593-8222 (within the County) * (213) 974-1452
web site: dca.lacounty.gov