The industry is working of an appraisal simulator…
The US House of Representatives Passed S 2155 today!
Section 103 allows for waivers of appraisals by licensed appraisers in certain situations. See the bill here.
Last week The National Association of Realtors held their Real Property Valuation Committee meeting. We have 2 VaCAP members on this committee. Here is a brief over view of the meeting from our representative in attendance.
John Brenan with the Appraisal Qualifications Board (AQB) spoke at the meeting and gave an update on the roll back of licensing requirements that went into effect May 1st.
One of the most interesting comments Mr. Brenan made was the "appraisal simulator"! One of the most challenge parts of becoming an appraiser is the experience requirement. The industry is working of an appraisal simulator called Practical Application of Real Estate Appraisals (PAREA). A demonstration will be available at the September meeting of the AQB meeting in Raleigh, NC. PAREA will have a vast amount of simulated appraisal assignments which could count for 75% of the required appraisal experience on needs to obtain a license.
The GSE’s are working on a rewrite of the 1004 form. Rumor has it the rewrite will be 6 pages long rather than the current 3 page form and is unconfirmed.
REALTOR® Property Resource (RPR) is working on a regression analysis program.
The Virginia Real Estate Appraisal Board Meeting was held today. Here is a summary of the meeting from our representative in attendance.
There were 8 attendees at the meeting and 5 disciplinary cases. The board voted and carried the following two items:
- The USPAP definition will be updated to the current USPAP edition. The board voted and carried to rescind guidance document 6220 regarding Evaluations. This means that as of July 1, 2018 appraisers in VA will be able to perform Evaluations and the state board will have no jurisdiction over Evaluations performed by appraisers. Appraisers need to comply with Federal regulations.
- The board adopted the AQB roll back requirements for licensure.
Other notes: Rocky was elected for Chair and Mack was elected Vice Chair. Congratulations to both!
Also Today, VaCAP, along with 26 other state organizations sent a letter Arthur Lindo, Chairman of the Appraisal Subcommittee offering our assistance helping lenders find appraiser. See the letter here or below.