Defining client, intended use and intended user in real property appraisal assignments and reports
The implications of H276 are significant for both appraisers and clients. By defining these terms explicitly, the legislation seeks to limit the scope of liability for appraisers to their clients and intended users only. This means that an appraiser may not be held responsible in court by individuals or parties other than the specified client or intended user. This provision is intended to protect appraisers from complaints or disputes raised by third parties who are not directly involved in the appraisal assignment.
House Bill H276 aims to provide clear definitions regarding the roles and responsibilities involved in real property appraisal assignments and reports. Specifically, the bill seeks to define 'client', 'intended use', and 'intended user' to enhance clarity within the appraisal process. By establishing these definitions, the bill aims to delineate the relationship between appraisers and their clients and other users of appraisal reports, ensuring that all parties involved have a clear understanding of their interactions and obligations.
While the bill seeks to clarify responsibilities within the appraisal process, there may be points of contention regarding the potential impact on consumers who may feel disadvantaged without recourse against appraisers. Critics might argue that limiting liability could impair consumer rights, particularly if appraisal reports are utilized by other parties who rely on the accuracy of these assessments for significant financial decisions. Supporters, however, may contend that the clarity provided by the definitions will contribute to a more professional and streamlined appraisal process, benefiting all parties involved.