Section 406 – Contingent fees.

• (1) A person licensed or certified under this chapter who enters into an agreement to perform an appraisal may not accept a contingent fee.

• (2) A person may accept payment of a fixed fee or a contingent fee when the person:
  • (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
  • (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:
  • (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
  • (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.

Amended by Chapter 384, 2016 General Session