Tuesday, December 22nd, 2009REALTORS® and their clients who encounter unlawful or unprofessional conduct by an appraiser may file a confidential complaint with California’s Office of Real Estate Appraisers (OREA). Since implementation of the Home Valuation Code of Conduct (HVCC) in May 2009, REALTORS® have reported many challenges and difficulties with appraisals, such as low appraisals, inexperienced appraisers, out-of-area appraisers unfamiliar with a local neighborhood, and problems with Appraisal Management Companies (AMCs). Appraisers are regulated by the OREA, and starting January 1, 2010, a new law directs the OREA to develop a registration process and other regulations to oversee AMCs as well.
A complaint of appraiser’s misconduct may be filed with the OREA. The complaint may be made confidentially, but proper prosecution may ultimately require the complainant’s testimony in a legal proceeding.
Continue reading: REALTORS® May File Confidential Appraiser Complaints
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