Hybrids Take Another Hit
Registration Act, reinserts the definition of “appraisal firm”…
Bifurcated (Hybrid) Appraisals Take Another Hit
Last week VaCAP shared some information questioning the legality of these products in Virginia. This week Phil Crawford, Voice of Appraisal, talks about the ethical side of them and how appraisers completing these could be on the receiving end of legal actions. Listen to show E206 at Voice of Appraisal
NAR Appraiser Liability Webinar
On July 17, 2018, the National Association of Realtors along with Peter Christensen from LIA, presented a Webinar on liability issues for appraisers. A strong concern about the certifications exists that open up liability to the appraiser. The webinar was recorded and lasts about an hour. There are lots of good suggestions on how to stay out of trouble on this webinar. VaCAP recommends everyone listen to Peter Christensen’s advice.
From our sister coalition in Illinois
Illinois Governor Bruce Rauner Signed SB 2617
Amends Illinois Appraisal Management Company Registration Act & Illinois Real Estate Appraiser Licensing Act.
Effective immediately this law provides that federally regulated appraisal management companies shall register with the Department of Financial and Professional Regulation and pay all fees associated with registering a federally regulated appraisal management company. In addition it allows:
- The Secretary to investigate an appraisal management company at any time.
- Allows the Department to set fees for appraiser panels and the national registry.
- Allows the Department to take disciplinary action for failure to pay appraiser panel fees or national registry fees.
- Allows the Department to consider an applicant’s moral character when granting or denying a registration.
- Excludes an appraisal management company from being registered or included on the national registry list if the company is owned by a person who has had his or her appraiser license or certificate refused, denied, canceled, surrendered in lieu of revocation, or revoked.
- Requires that an applicant shall submit his or her fingerprints to the Department of State Police and pay all fees associated with a criminal history records background check.
- Allows an administrator, executor, or guardian of an appraisal management company to apply for a registration.
- Defines “multi-state licensing system”.
- Provides that the Secretary of Financial and Professional Regulation may require participation in a third-party, multi-state licensing system for the licensing of certified general real estate appraisers, certified residential real estate appraisers, associate real estate trainee appraisers, and real estate appraiser education providers; and registration of appraisal management companies.
- In the provisions of the Real Estate Appraiser Licensing Act of 2002 concerning criminal history record checks, provides that the Secretary may designate a multi-state licensing system to perform the checks.
- In the Appraisal Management Company Registration Act, reinserts the definition of “appraisal firm”.
- Provides that the Act does not apply to an appraiser firm whose ownership is appropriately certified under the Real Estate Appraiser Licensing Act of 2002 or an appraiser management company solely engaged in non-residential appraisal management services.
- Provides that federally regulated appraisal management companies shall register with the Department of Financial and Professional Regulation solely for specified purposes and are otherwise exempt from other provisions of the Act.
- Makes other changes
See the entire legislative act, follow this link.
In addition, Illinois has completed a fee survey. It is very well done. See PDF below