Tagged: appraisal

Virginia Enacts Law on Reasonable and Customary Fees 8

Virginia Enacts Law on Reasonable and Customary Fees

Virginia Gov. Terry McAuliffe on March 23 signed into law S.B. 1445, which requires appraisal management companies operating in the state to compensate appraisers at a reasonable and customary rate. The legislation gives the Virginia Real Estate Appraiser Board authority to take administrative action against AMCs not paying appraisers customary and reasonable fees in accordance with federal law. Prior to enactment of the legislation, Virginia law already required an appraiser engaged by an AMC to disclose as part of the appraisal report the actual fee they were paid. In 2014, the Virginia Center for Housing Research and the Virginia Tech...

AI / AMC / Appraisal / Appraisal Institute / Appraisal Management Companies / Appraisal News

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Can’t We All Just Get Along?

You are not the boss over who does or does not do business in 'your area.' “Our investigation and the Board’s review concluded that the evidence did not reveal a violation of the Board’s laws and rules governing the practice of Real Estate Appraising. The Board has, therefore, closed the file in this matter.” That is how the most recent complaint against me ended. The ordeal began last spring. I have been called upon multiple times from my current clients to please be willing to go to a new area. It is an area with few appraisers, and there is...

Appraisal / Appraisal News / Appraisers News

Appraiser Background Check Requirements 9

Appraiser Background Check Requirements

The info below from AI’s Appraiser News OnLine is about the action taken by the AQB at their recent meeting in Seattle, WA, which I was unable to attend. It’s still unclear if “existing license holders” must undergo a background check at the time of their license renewal. Apparently that’s determined by individual states. And it’s still difficult to get all the multiple clients appraisers deal with, to accept “one” background check performed in a state or by a separate organization. So appraisers are sometimes faced with having to spend money to provide different background checks to individual clients. Frankly,...

AI / AMC / Appraisal / Appraisal Institute / Appraisal Management Companies / Appraisal News

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Arizona Board of Appraisal Eliminated

Arizona will join a handful of states that don’t have an appraiser board or commission. Arizona Gov. Doug Ducey on March 12 signed into law SB 1480, legislation that eliminates the Arizona Board of Appraisal effective July 1. The ABOA’s administrative functions will be reassigned to the Department of Financial Institutions. This provision was included in the state’s FY 2016 budget that passed the legislature March 7. Arizona will join a handful of states that don’t have an appraiser board or commission. According to the Executive Summary accompanying the Governor’s budget proposal, the action was necessary because the shrinking population...

ABOA / AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations

Dear AMC, Goodbye - Why I'm leaving Residential Appraisal 22

Dear AMC, Goodbye…

Why I’m Leaving Residential Appraisal – Dear AMC, Goodbye! The Law of Unintended Consequences is a law, like Murphy’s Law, which is always lurking in the background to foil the attempts we humans make to control the world around us. It is particularly true of government attempts to reduce crime. A couple of examples follow: I used to love air travel. I was a flight test engineer at Boeing and for many years I flew all over the world for both work and recreation. Then came the shoe bomber. Now I wait in long “security” lines while thousands of security...

AI / AMC / Appraisal Institute / Appraisal Management Companies / E&O / Errors & Omissions

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“Serial” Podcast & Your Appraisal Workfile

Podcast a growing medium Podcasts are a growing medium for both education and entertainment. Research shows it has grown over 25% per year for the past few years. As an appraiser, I find myself spending a lot of time at my computer as well as traveling to and from appraisal inspections. I discovered podcasting about a year ago and have not turned on talk radio since. Podcasting allows me to specifically pick the topics I want to hear and listen to them when I have the time to listen. I love ‘em. Recently, a few friends of mine turned me...

Appraisal / Appraisal News / Appraisers News

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