Good News….For a Change?

Appraisers to be paid within…

It is all-too-rare that we hear positive news regarding the appraisal profession. There is an awful lot of complaining that goes on, most of it justifiable, but little good news that gets shared. Part of the problem is that there is no central source for information regarding our profession which appraisers might utilize in order to find out what is going on across the country and affecting our profession, and could be used to enhance our industry and our citizens in our own state.

From what I have seen, most of any good news is being generated on a state basis. Every small victory in one state can be viewed as a seedling for development and further improvement in 49 other states, most especially including our own great state of New York.

I thought it might be a good idea to share some good news, and perhaps others can add to the list. Please feel free to comment below with any other good news you wish to share or comment. And keep in mind, these tidbits are only based on information I have come across. Who knows how much other good news there is, which I am unaware of.

Alphabetically by state:

• Alabama – Appraisers have to be paid within 45 days.
• Arizona – Requires appraisers to indicate in their reports the amount of their fee for any AMC appraisals.  Appraisers have to be paid within 45 days. Also, prohibits any party who hires or engages an appraiser from requiring appraisers to sign an indemnification agreement.
• Colorado – Requires appraisers to indicate in their reports the amount of their fee for any AMC appraisals.
• Delaware – Appraisers have to be paid within 45 days. Also, AMC cannot prohibit appraiser from reporting the fee paid to the appraiser within the report.
• Georgia – Appraisers have to be paid within 14 days by AMCs.
• Illinois – Prohibits AMC from requiring an appraiser to sign any sort of indemnification agreement that would require the appraiser to defend and hold harmless the AMC or any party hiring the appraiser.
• Kansas – Appraisers have to be paid within 45 days.
• Kentucky – Set up an “appraisal management company recovery fund,” to which AMCs have to contribute, with the fund going to provide restitution to appraisers who suffer pecuniary losses.
• Louisiana – Granted the right to their state appraisal board to determine whether or not an AMC operating in the state has paid an appraiser a Reasonable and Customary fee.
• Maryland – Appraisers have to be paid within 60 days.
• Mississippi – Appraisers have to be paid within 60 days.
• Missouri – AMC cannot prohibit appraiser from reporting the fee paid to the appraiser within the report.
• Montana – Appraisers have to be paid within 60 days.
• Nebraska – Appraisers have to be paid within 60 days.
• New Hampshire – AMC cannot prohibit appraiser from reporting the fee paid to the appraiser within the report.
• New Mexico – Appraisers have to be paid within 60 days.
• New York – Columbia Society of Real Estate Appraisers became a sponsor of the Appraisal Foundation.  Not much of anything else here, since New York is a non-AMC legislation and non-mandatory state.
• New Jersey – Gov. Christie vetoed BPO legislation, which would have greatly expanded use of BPOs and CMAs, to the detriment of appraisers, citing the confusion such a bill would create.
• North Carolina – Appraisers can purchase copies of USPAP for just $10.
• North Dakota – Appraisers have to be paid within 45 days. Also, AMC cannot prohibit appraiser from reporting the fee paid to the appraiser within the report.
• Oklahoma – Appraisers have to be paid within 60 days. Also, AMC cannot prohibit appraiser from reporting the fee paid to the appraiser within the report.
• Oregon – Appraisers have to be paid within 60 days.
• Texas – Appraisers have to be paid within 60 days. Also, AMC cannot prohibit appraiser from reporting the fee paid to the appraiser within the report.
• Tennessee – Appraisers have to be paid within 60 days.
• Vermont – AMC cannot prohibit appraiser from reporting the fee paid to the appraiser within the report.
• Virginia – Provides appraisers with one free copy of USPAP. Requires the appraisal fee to be indicated within the report. After July 1, 2014, AMCs have 30 days to pay any and all appraisal fees. Otherwise they will be fined up to $10,000 for each occurrence. HB 762 increases the bond amount AMCs must provide to secure payment for appraisal services from $25,000 to $100,000. VAR requested the required bond amount be increased because AMCs that have gone out of business in other states have owed individual appraisers hundreds of thousands of dollars.
• Washington – Last year, the state of Washington raised its minimum bond requirement for AMCs from $25,000 to $100,000, presumably as a direct result of the bankruptcy of several AMCs.

Also, of the 50 states plus District of Columbia, in 37 of them it is mandatory that certified or licensed appraisers are required for any service for which an opinion of value (evaluation or appraisal) for real property is developed.

By Bill Smolen, SRA, CSA-G
NY State Appraiser

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