Thursday, January 29, 2009

AMC Regulation - Florida Style

Since the January 25, 2009 meeting of the Florida Association of Realtors Board of Directors, the Florida Appraisal Council AMC Regulation Work Group has made edits to the Appraisal Management Company Registration and Regulation Model Act. The edits were necessary to reflect the Public Policy statements adopted by the Board of Directors in their motion to approve.

The Association Board of Directors supports the registration and regulation of Appraisal Management Companies involving ALL appraisals and appraisal services, regardless of property type; residential or non-residential. They suggest there should be NO EXEMPTIONS for regulation, even if only a limited number of assignments are placed within the state. Additionally, because the Florida Real Estate Appraisal Board suggested they would not support getting involved in fee disputes and mediation of disagreements between appraisers and AMCs, all references to fees and fee mediation have been removed.

The next steps are coordination with the Florida Chapters of the Appraisal Institute and the Florida Division of Real Estate, bill drafting and bill introduction. Sponsors have been identified.