Friday, February 15, 2013

AMC - Proposed FREAB Rules

The Florida Real Estate Appraisal Board met February 4th and 5th, 2013. Their agenda included a number of items of interest, including the docket of cases to be considered by the board, licensee counts, proposals for new rules and amendments to existing rules.

Two are extremely important to Florida appraisers:

61J1-9.002 - Standards of Professional Practice for Appraisal Management Companies; Development and Communications of Real Estate Appraisals

61J1 - 9.002 is a brand new rule, and is being proposed to implement amendments made to Chapter 475 Part II related to the regulation of Appraisal Management Companies. This rule is a work in progress and IS NOT final. The PRELIMINARY text is reproduced after the jump. Although changes were made to the document below during the meeting, it's important to take a look at what they're working on.

The photograph accompanying this post is of Michael J. Rogers, MAI, SRA. Mike is a past Chairman and current member of the Florida Real Estate Appraisal Board. He is a State-Certified General Appraiser, and the principal of Rogers Valuation and Acquisition, Inc. in Pensacola, Florida. Although Mike is not involved with appraisal management companies, he has taken the lead to develop and fine tune the Standards of Practice for Appraisal Management Companies. It's his goal to ensure appraiser independence is preserved and that appraisal management companies comply with clearly  defined standards of practice.

Although others on the board support these initiatives, Mike could use some support and suggestions to ensure the standards of practice are meaningful, and actually make it through the rules making process. 

See the proposal after the jump.