VREAB Meeting
The Virginia Real Estate Appraiser Board Meeting is scheduled for Wednesday May 1, 2019. Please note this is on a Wednesday, not Tuesday, like the other meetings.
The Bifurcated Appraisal Guidance document is on the agenda to be discussed. The meeting will be held at the usual location and start at 10:00 AM.
Department of Professional & Occupational Regulation
9960 Mayland Drive
Suite 200
Richmond, Virginia 23233
See the meeting and agenda here.
New York AMC Law
The New York state AMC law goes into effect at the end of the month. There are some things in this law that VaCAP likes and it is causing AMC’s and their advocacy group REVAA to take pause.
The key elements:
- The AMC must attach the appraisers invoice to the report when delivering it to the client.
- AMC’s are to use only licensed appraisers to perform valuations (not just appraisals)
- The AMC can not require an appraiser to prepare an appraisal report or valuation service under a time frame that such appraiser believes, in their professional judgment, does not afford such appraiser the ability to meet all the relevant legal and professional obligations including USPAP requirements.
- The AMC can not prohibit or inhibit communication between the appraiser and the lender, a real estate licensee, or any other person from whom such appraiser, in their professional judgment is relevant;
There are lots of other good stuff in this law. Take the time to read the S 9080.here. There maybe some language appraisers can take to our legislature in the fall!