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Oct
25

Assembly Bill 5 (AB-5) Effective January 1st, 2020

On October 25, 2019, the Appraisal Buzz posted an article on Assembly Bill 5 (AB-5). This law was signed by California Governor Gavin Newsom. It will go into effect on January 1, 2020. This law will alter taxes for appraisers and Appraisal Management Companies. Read the full article here

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Oct
08

Final Rule: Real Estate Appraisals - $400,000 Threshold

Per the Comptroller of the Currency, the Federal Reserve System, and the Federal Deposit Insurance Corporation

The OCC, Board, and FDIC (collectively, the agencies) are adopting a final rule to amend the agencies' regulations requiring appraisals of real estate for certain transactions. The final rule increases the threshold level at or below which appraisals are not required for residential real estate transactions from $250,000 to $400,000. The final rule defines a residential real estate transaction as a real estate-related financial transaction that is secured by a single 1-to-4 family residential property. For residential real estate transactions exempted from the appraisal requirement as a result of the revised threshold, regulated institutions must obtain an evaluation of the real property collateral that is consistent with safe and sound banking practices. The final rule makes a conforming change to add to the list of exempt transactions those transactions secured by residential property in rural areas that have been exempted from the agencies' appraisal requirement pursuant to the Economic Growth, Regulatory Relief, and Consumer Protection Act. The final rule requires evaluations for these exempt transactions. The final rule also amends the agencies' appraisal regulations to require regulated institutions to subject appraisals for federally related transactions to appropriate review for compliance with the Uniform Standards of Professional Appraisal Practice.

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Sep
19

How the New “Gig Worker” Law Affects Appraisers

In the Appraisal Buzz, Peter Christensen and Kim Perotti break down Assembly Bill 5 (AB-5) which is California's new "gig worker" law. Click here to read the full article. They explain how the new law will apply to appraisers and to appraisal management companies. 

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Sep
17

Second Exposure Draft of a Proposed Change to the Real Property Appraiser Qualification Criteria

The Appraisal Qualificaitons Board (AQB) is seeking input on the second exposure draft to amend the AQB Criteria. Written comments are requested by October 25, 2019 by mail to Appraiser Qualifications Board The Appraisal Foundation 1155 15th Street, NW, Suite 1111 Washington, DC 20005 or via email to aqbcomments@appraisalfoundation.org. 

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Sep
05

First Exposure Draft: Practical Applications of Real Estate Appraisal (PAREA)

The Appraiser Qualifications Board of The Appraisal Foundation has published its first exposure draft of the Practical Applications of Real Estate Appraisal. A public meeting will be held on Friday, November 1, 2019, in St. Pertersburg, Florida. Registration for attendance or to livestream the meeting can be completed by going to: https://www.appraisalfoundation.org/TAFCore/Events/Event_Display.aspx?EventKey=AQB201911.

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Sep
03

Concept Paper - Evaluation Standards in USPAP

The Appraisal Standards Board (ASB) is seeking feedback. Written comments are requested by October 11, 2019 by mail to Appraisal Standards Board The Appraisal Foundation 1155 15th Street, NW, Suite 1111 Washington, DC 20005 or via email to asbcomments@appraisalfoundation.org. 

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Jul
14

Appraisal Subcommittee Annual Report 2018

The Appraisal Subcommittee published its 2018 Annual Report on July 14, 2019. The full report can be found at: https://www.asc.gov/Documents/AnnualReports/2018%20ASC%20Annual%20Report.pdf

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Jul
11

North Dakota Appraisal Requirement Waiver Decision

The temporary waiver request submitted by North Dakota was partially approved by a vote of 5-2. North Dakota has a "one-eary wavier from licensing requirements...an additional year is possible if state officials again seek a waiver based on the scaricty argument." (Appraisal Institute 2019) 

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