Red Alert! We Need Your Appraisal Stories!

C.A.R. SPONSORED Bill to Regulate AMCs to be Voted on in Assembly Committee

Please share your appraisal stories!

C.A.R. is SPONSORING AB 1796 (Hall), which will clarify that the state Office of Real Estate Appraisers (OREA) has the ability to regulate Appraisal Management Companies (AMCs). C.A.R. is sponsoring AB 1796 because of concerns REALTORS® have raised about the accuracy of appraisals generated by these companies.

AB 1796 will be considered for a vote in the Assembly Business and Professions committee on April 20^th. Your legislator is a member of this committee.

Action Item
Several legislators on this committee have informed us that they have not heard from any of their constituents about problems with appraisals, especially those provided by out-of-area appraisers. If you or your clients have a specific story to share about an appraisal provided by an out-of-area AMC, please contact your legislator TODAY!

Call Assembly Member Roger Niello at (916) 319-2005

Ask to speak to your legislator’s Legislative Director. If you can’t speak to the Legislative Director personally, please leave a voice mail.

Share your story and ask that your legislator vote “aye” on AB 1796.

Background
Last year, SB 237 (Calderon) was signed into law. SB 237 required that AMCs register with the Office of Real Estate Appraisers. It is presently unclear whether the OREA was provided sufficient authority by last year’s SB 237 to provide the necessary oversight of AMCs to ensure the quality, timeliness and neutrality of appraisals conducted by AMCs. AB 1796 provides clarification of the OREA authority to regulate key functions and activities of real estate appraisers employed or retained by AMCs.

AB 1796 empowers OREA to give regulatory guidelines to AMCs regarding: 

• the use of out-of-area appraisers;
• the timeliness and accuracy of appraisals; and
• preventing conflicts of interest with a controlling lender or title company

For More Information
If you have questions, or need more information, please contact DeAnn Kerr at deannk@car.org.