339.2633 Duties of licensee.
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339.2633 Duties of licensee.
Sec. 2633.
A licensee shall do all of the following:
(a)Include, in any appraisal or report provided to a client, the following statement: "Appraisers are required to be licensed and are regulated by the Michigan Department of Labor and Economic Growth, P.O. Box 30018, Lansing, Michigan 48909.".
(b)Maintain an actual place of business whose address shall be used as the licensee address and in all advertising.
(c)Maintain a system of books and records open to the department upon request during normal business hours. The books and records shall be maintained in accordance with the uniform standards of professional appraisal practice, the requirements of this article, and any requirements imposed by rules promulgated under this article. The books and records shall show all appraisals undertaken by name of client and the address or description of the property appraised. In addition, applicants for licensure as a state licensed real estate appraiser, a certified residential real estate appraiser, or a certified general real estate appraiser must also provide an appraisal log that includes, at a minimum, the documentation or data required to be kept under the AQB criteria.
(d)Advertise only the services authorized to be rendered according to the type of license issued and only in the name and address under which the individual is licensed. The licensee shall indicate on every appraisal report the license number and level of licensure.
History: Add. 1990, Act 269, Eff. July 1, 1991 ;-- Am. 1999, Act 170 , Imd. Eff. Nov. 10, 1999 ;-- Am. 2006, Act 414 , Imd. Eff. Sept. 29, 2006
Popular Name: Act 299