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Throughout 2010, NAR made significant progress educating Congress and the Obama Administration that a stable and sustainable housing market is the primary building block for any economic recovery. NAR had a series of successes in the regulatory and legislative fields, some of which are highlighted below. As we look ahead to 2011, NAR will [...] C.A.R. SPONSORED Bill to Regulate AMCs to be Voted on in Assembly CommitteePlease 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 20th. Your legislator is a member of this committee. Action Item 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. Continue reading: Red Alert! We Need Your Appraisal Stories! REALTORS® 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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Wednesday, December 15th, 2010
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