Master Engagement Agreement for Appraisal Services
Parties:
This Agreement is made between
Niemi Appraisal Placement Company, P.O. Box 223, Kimberly, WI 54136 ("Niemi Appraisal Placement, Inc "), and
the appraiser who acknowledges the Agreement below (“Appraiser” or "Appraisal Firm")
on the executed date below (“effective date”).
1. Appraisal Services. Niemi Appraisal Placement, Inc from time to time may request Appraiser to perform services described in a subsequent separate request, order, engagement form, or other similar written manner of engaging the services of Appraiser under the terms and conditions of this Agreement and under the terms and conditions of the individual engagements.
2. AMC State Registration. Niemi Appraisal Placement current State AMC license number information is found on Niemi Appraisal Placement Company's Appraisal Management Software order details page.
3. Appraiser License. Appraiser warrants and represents that Appraiser (and as applicable, assistants and subcontractors of Appraiser) have the ability, experience, and required and appropriate licenses, permits, and certifications to perform services related to this Agreement and individual engagements of services. Niemi Appraisal Placement may require Appraiser to furnish proof of licenses at any time. Appraiser agrees to report to Niemi Appraisal Placement any revocation, cancellation, non-renewal, voluntary forfeiture, lawsuit against or other similar actions related to licenses that limit or reflect on the ability to perform appraisals in any State, district, or territory, and agrees to report to Niemi Appraisal Placement actions by other entities, including without limitation GSEs, HUD, FHA, and lenders, that limit ability to perform appraisals for lending related purposes. Such reporting by Appraiser must be in writing to Niemi Appraisal Placement Company upon discovery or knowledge of.
4. Information Provided. The Appraiser certifies that information communicated by Appraiser regarding coverage areas and geographic competence, product knowledge and competence, experience, work samples, qualifications, licensure, and all other information provided to Niemi Appraisal Placement Company on Appraiser’s application and all other documents and communications are factual and correct.
5. Compliance with Laws and Rules. At all times while performing services pursuant to this Agreement, Appraiser (and as applicable, assistants and subcontractors of Appraiser) will comply with and perform assignments in accordance with the Uniform Standards of Professional Appraisal Practice, Appraisal Independence Requirements under Dodd-Frank and related rules and regulations, Fair Housing Act, Real Estate Settlement Procedures Act, Truth in Lending Act, and all other federal, state, and local laws, rules, standards, and codes that are applicable to Appraiser.
6. Performance of Services. Services under this Agreement must be performed by Appraiser or assistants supervised by Appraiser within the limits of laws and the USPAP. Appraiser may not subcontract assignments without express prior written permission from Niemi Appraisal Placement, Inc. Appraiser is not prohibited from retaining secretarial, clerical, or data-entry personnel.
7. Code of Conduct and Professionalism. In all cases when performing services, Appraiser (and as applicable, assistants and subcontractors of Appraiser) will
- maintain an appropriate and professional dress code,
- act and communicate in a respectful and appropriate manner toward all individuals,
- respect borrowers’ and contacts’ time and property, and
- adhere to state, federal, and all applicable laws, rules, and regulations.
8. Confidentiality.
1. Information may be provided to Appraiser that is “Confidential Information”, which is information that is proprietary, private, or confidential to Niemi Appraisal Placement Company or its clients including but not limited to non-public personal information related to consumer and/or customers of Niemi Appraisal Placement Company’s clients. Confidential Information is not information that is otherwise available to the public, was already known by Appraiser (with written evidence) at the time of disclosure of that information, was or becomes available to Appraiser from a source other than the owner if the source would normally be legally allowed to share the information, or Appraiser independently develops the information.
2. Appraiser agrees to keep Confidential Information with strict safeguards, to not copy, reproduce, sell, market, license, transfer, or give Confidential Information to third parties, and to use Confidential Information only in a manner appropriate for the purposes of completing the services under this Agreement. Appraiser agrees to protect the security and confidentiality of all non-public personal information in accordance with the Gramm-Leach-Bliley Act and other applicable laws, regulations, and rules related to the confidentiality of information.
9. Termination. Niemi Appraisal Placement Company and Appraiser have the right to terminate this Agreement at any time with written notice. In the event of termination, Niemi Appraisal Placement Company will be liable to Appraiser for undisputed fees for completed services rendered up to the date of termination. In the event of termination, the following three sections survive and remain in full force and effect: Indemnification, Confidentiality, and Insurance sections. Niemi Appraisal Placement Company may terminate this Agreement and consequently not select Appraiser for future engagement if Appraiser fails to meet any terms of this Agreement (or individual assignment engagements); in such cases, Niemi Appraisal Placement Company will provide written notice to Appraiser, identifying the reasoning and describing a rebuttal process.
10. Competency. By accepting this written Agreement, Appraiser certifies that Appraiser satisfies the Competency Rule of the USPAP and will ensure and certify for each assignment accepted that Appraiser
- is competent in appraising the property type of a subject property,
- is competent in the geographic area in which a subject property is located,
- has access to appropriate data sources that are necessary for the assignment,
- will immediately notify Niemi Appraisal Placement Company if Appraiser later determines he or she is not competent, and
- is aware that misrepresenting his or her competence may be subject to mandatory reporting by Niemi Appraisal Placement Company.
11. Compensation. Fees for individual assignments will be disclosed and agreed upon at the time of engagement. Payment will be made to Appraiser within (30) thirty days after Appraiser delivers to Niemi Appraisal Placement.
12. Amendments and Changes. This Agreement may be changed by written or electronic methods, including without limit acknowledgements via a website or portal.
13. Independent Contractor Status: The appraiser is being engaged as an independent contractor of Niemi Appraisal Placement, Inc. We do not employ any real estate appraisers. Nothing contained in this Agreement or otherwise shall be construed in such manner as to create the relationship of employer/employee between the contractor and appraiser or appraisal firm.
14. Taxes: The appraiser/appraisal firm acknowledges and agrees that Niemi Appraisal Placement, Inc will not be required to withhold, nor shall the company withhold, and federal or state income, social security, unemployment or other tax. It is agreed by contractor that the appraiser/appraisal firm (independent contractor) is liable and solely responsible for self-employment or employment taxes on the amounts earned by or paid to the appraiser/appraisal firm under or as a result of this Agreement.
15. Customary & Reasonable Fees: Niemi Appraisal Placement does not set fees paid to its panel appraisers. Each appraiser is an independent contractor and will provide their own fee schedule. Niemi Appraisal Placement encourages appraisers to provide fees that are reasonable and customary for their market. In addition, the appraiser may consider the complexity of any given assignment and may request a fee which is different than their documented fee schedule prior to acceptance.
For Wisconsin Appraisers Only:
By signing up to become an approved appraiser on our panel or before completing an appraisal assignment you confirm the following:
That you are at minimum a licensed appraiser who has the requisite license/certification, education, expertise, experience, and competency necessary to complete the appraisal assignment for the market and property type in accordance with USPAP (in accordance with 458.37(2) )
Before appraiser is added to panel, you shall complete the entire application process which includes providing to us your geographic areas, the types of properties, and the methodologies the appraiser is competent to perform. We (the AMC) shall require appraiser to update declarations at least annually and retain copies for 5 years from submission date.
This Agreement is executed by Appraiser and Niemi Appraisal Placement, via physical or electronic signature below or via electronic website/portal acknowledgement.