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09.19.05 - Commission of Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors-Real Estate Appraisers - Final Regulations

FINAL ACTION ON REGULATIONS
MARYLAND REGISTER, VOLUME 45, ISSUE 5,
FRIDAY, MARCH 2, 2018

Title 09
DEPARTMENT OF LABOR, LICENSING, AND REGULATION
Subtitle 36 COMMISSION OF REAL ESTATE APPRAISERS, APPRAISAL MANAGEMENT COMPANIES AND HOME INSPECTORS — REAL ESTATE APPRAISERS

09.19.05 Code of Ethics

Authority: Business Occupations and Professions Article,§§16-208, 16-216, 16-220, 16-302(d) and (g), and 16-503(b) and (f), Annotated Code of Maryland

Notice of Final Action
[17-286-F-I]

On February 13, 2018, the Commission of Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors adopted amendments to Regulation .01 under COMAR 09.19.05 Code of Ethics. This action, which was proposed for adoption in 44:24 Md. R. 1154—1155 (November 27, 2017), has been adopted with the nonsubstantive changes shown below.

Effective Date: March 12, 2018.

Attorney General's Certification

In accordance with State Government Article, §10-113, Annotated Code of Maryland, the Attorney General certifies that the following changes do not differ substantively from the proposed text. The nature of the changes and the basis for this conclusion are as follows:

The change adds "Standard Rule 4" to the adopted USPAP Standards. However, Standard 4 does not contain new language. It merely represents the new section created after the bifurcation of Standard 3 into two separate Standards sections by the Appraisal Standards Board of the Appraisal Foundation, a federal agency with the responsibility to develop, interpret, and amend the USPAP on behalf of real property appraisers and users of appraisal services.

.01 Incorporation by Reference.
  A. (proposed text unchanged)
  B. Document Incorporated. Uniform Standards of Professional Appraisal Practice 2018—2019 Edition (The Appraisal Foundation), including Preamble, Ethics Rule, Competency Rule, Scope of Work Rule, Jurisdictional Exception, Supplemental Standards, Definitions and Standards 1, 2, [[and]] 3, and 4 with all related Standard Rules and Statements on Appraisal Standards, is incorporated by reference.

STEVEN O’FARRELL
Chairman
Commission of Real Estate Appraisers, Appraisal Management Companies and Home Inspectors