The Virginia Real Estate Appraisal Board Meeting Recap.
To say this meeting was a full house is an understatement. An extra row of chairs was added in anticipation of public attendance. The agenda was posted prior and the format was, well just like every other meeting. The meeting minutes were approved from the past Board meeting as well as the Hybrid Committee Meeting. Public comments followed. VaCAP President Pat Turner reminded the Board of our laws and regulations. Mike Small, VaCAP Secretary highlighted the material presented at the Hybrid Committee Meeting and reminded the Board on how consumers are not being protected when our laws and regulations are not being followed.
After the licensing and disciplinary cases, administrative issues were addressed and then on to old business. This is where the discussion revolved around hybrid appraisals. Several Board members spoke of concern for these products and public protection. After some discussion, the Board voted to move forward with a Guidance Document reminding appraisers and appraisal management companies of our laws and regulations. Different than previous Guidance Documents issued, VaCAP learned a new law went into effect January 1, 2019 and the Guidance Document must be posted on Townhall for public comment for 30 days prior to being officially released.
As we understand it, DPOR staff will write the Guidance Document and present it at the next VREAB, Meeting May 1st for approval. If approved, the Guidance Document will be posted on Townhall for public comments for 30 days. It is at that time, the Guidance Document is eligible to be officially released if revisions are not made.
The official draft meeting minutes will be available on Townhall. It usually takes a few days though.