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New Appraiser/appraisal Legislation

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J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
FL changes are interesting
 

TRESinc

Elite Member
Joined
Dec 1, 2011
Professional Status
Licensed Appraiser
State
Ohio
nothing new for ohio. we are still the wild, wild west for AMCs.
 
D

Deleted member 134708

Guest
CA, FL, NC gearing up for Evaluations done by people acting in capacity as an appraiser. OK to not follow USPAP.
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
Oh come on.

States aren't as much fun as the Fed.

Raising appraisal threshold for commercial real estate loans. The agencies are developing a proposal to increase the threshold for requiring an appraisal on commercial real estate loans from $250,000 to $400,000, in order to reduce regulatory burden in a manner consistent with safety and soundness.

Addressing appraiser shortages in rural areas. Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) allows the Appraisal Subcommittee of the FFIEC (ASC) after making certain findings and with the approval of the FFIEC, to grant temporary waivers of any requirement relating to certification or licensing of a person to perform appraisals under Title XI. Furthermore, state appraiser certifying or licensing agencies may recognize, on a temporary basis, the certification or license of an appraiser issued by another state. The agencies intend to issue a statement to regulated entities informing them of the availability of both temporary waivers and temporary practice permits, which are applicable to both commercial and residential appraisals, and may address temporary appraiser shortages. Additionally, the agencies will work with the ASC to streamline the process for the evaluation of temporary waiver requests.

  • Clarified use of evaluations versus appraisals. To clarify current supervisory expectations regarding evaluations, particularly in response to commenters in rural areas, in March 2016 the agencies issued an interagency advisory on when evaluations can be performed in lieu of appraisals, including when transactions fall below the dollar thresholds set forth in the appraisal regulations.
https://www.federalregister.gov/doc...growth-and-regulatory-paperwork-reduction-act

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RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Good News for Tennessee Appraisers
A bill introduced by Tennessee REALTORS® creating a statute of limitations for actions against appraisers cleared its final hurdles in the General Assembly last week and was set to become state law with Governor Bill Haslam’s signature. The statute (Senate Bill 279 / House Bill 376) passed out of the House by a vote of 95-0, the Senate Judiciary Committee 9-0, and the full Senate 32-0. The bill “limits any action to recover damages against a real estate appraiser arising out of the appraiser's real estate appraisal activity to being brought within one year from a person's discovery of the act or omission giving rise to the action [and] limits any disciplinary action against a real estate appraisal by the Board of Real Estate Appraisers from three years from the date the appraisal was completed.” It amends TCA Title 28 and Title 62, Chapter 39. Tennessee REALTORS® would like to thank Russ Farrar for working closely on this legislation, and our legislators for taking this common-sense step to protect these valued members of Tennessee's real estate industry. It is telling that "this bill passed every committee and both the House and the Senate without one vote against," Farrar says. "It will make sure that appraisers are no longer sitting ducks with somebody being able to bring an action against them after 20 or 30 years."
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
that is good news!
 

Dale Floyd

Junior Member
Gold Supporting Member
Joined
Apr 14, 2007
Professional Status
Certified Residential Appraiser
State
Tennessee
Good News for Tennessee Appraisers
A bill introduced by Tennessee REALTORS® creating a statute of limitations for actions against appraisers cleared its final hurdles in the General Assembly last week and was set to become state law with Governor Bill Haslam’s signature. The statute (Senate Bill 279 / House Bill 376) passed out of the House by a vote of 95-0, the Senate Judiciary Committee 9-0, and the full Senate 32-0. The bill “limits any action to recover damages against a real estate appraiser arising out of the appraiser's real estate appraisal activity to being brought within one year from a person's discovery of the act or omission giving rise to the action [and] limits any disciplinary action against a real estate appraisal by the Board of Real Estate Appraisers from three years from the date the appraisal was completed.” It amends TCA Title 28 and Title 62, Chapter 39. Tennessee REALTORS® would like to thank Russ Farrar for working closely on this legislation, and our legislators for taking this common-sense step to protect these valued members of Tennessee's real estate industry. It is telling that "this bill passed every committee and both the House and the Senate without one vote against," Farrar says. "It will make sure that appraisers are no longer sitting ducks with somebody being able to bring an action against them after 20 or 30 years."
I was so proud of this legislation. This began with the local coalition, and was then joined by the NAIFA, ASA, NAR, TBA, and others.....
:clapping::clapping::clapping::clapping::clapping::clapping:
 
D

Deleted member 130081

Guest
Good News for Tennessee Appraisers
A bill introduced by Tennessee REALTORS® creating a statute of limitations for actions against appraisers cleared its final hurdles in the General Assembly last week and was set to become state law with Governor Bill Haslam’s signature. The statute (Senate Bill 279 / House Bill 376) passed out of the House by a vote of 95-0, the Senate Judiciary Committee 9-0, and the full Senate 32-0. The bill “limits any action to recover damages against a real estate appraiser arising out of the appraiser's real estate appraisal activity to being brought within one year from a person's discovery of the act or omission giving rise to the action [and] limits any disciplinary action against a real estate appraisal by the Board of Real Estate Appraisers from three years from the date the appraisal was completed.” It amends TCA Title 28 and Title 62, Chapter 39. Tennessee REALTORS® would like to thank Russ Farrar for working closely on this legislation, and our legislators for taking this common-sense step to protect these valued members of Tennessee's real estate industry. It is telling that "this bill passed every committee and both the House and the Senate without one vote against," Farrar says. "It will make sure that appraisers are no longer sitting ducks with somebody being able to bring an action against them after 20 or 30 years."

So, if the person discovers the error 20 years later, they have one year from then to bring action? I would have liked the language to set a timeframe on that too, but otherwise good language.
 

TRESinc

Elite Member
Joined
Dec 1, 2011
Professional Status
Licensed Appraiser
State
Ohio
So, if the person discovers the error 20 years later, they have one year from then to bring action? I would have liked the language to set a timeframe on that too, but otherwise good language.

i thought the exact same thing. they limit the time for disciplinary action but not for recovering damages. seems like they both should have the same limits.
 
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