AMCs Responsible for the Hybrid Inspection
The Virginia Real Estate Appraiser Board met for its quarterly meeting on July 30, 2019. We are happy to report CoesterVMS no longer has a license to operate in Virginia. The Board voted to accept the consent order accepting the voluntary surrender of his license.
The Board also passed a motion to draft legislation to be introduced into the General Assembly giving the Board regulatory control over the hybrid inspection and those individuals that perform the inspection. In other words, the Board wants those individuals to be licensed to protect the public trust. The exact language of the legislation is to be determined and the Board will work with DPOR staff on the issue. As legislative change takes time and there is no guarantee of the outcome of any bill introduced, appraisers were encouraged to reach out to their own representatives to encourage a legislative change, VaCAP will be discussing legislative issues within the coming weeks. We will be asking for your help in meeting with your representatives.
There was interesting discussions around what the Board could do in the meantime. It seems holding the appraisal management companies responsible for the hybrid inspection is the best option. The thinking was they choose, engage and pay the inspector. They also are responsible for reviewing the report for USPAP compliance.
Perhaps the most exciting news that developed on July 29, 2019, is the news that the FTC case against the Louisiana Real Estate Appraiser Board was issued a stay. Judge Brian A Jackson, The United States District Court, Middle District of Louisiana signed an order issuing a Stay until further notice in the case. See the order below.