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.

December Meeting - Florida Real Estate Appraisal Board

During the second day of the December, 2008 meeting of the Florida Real Estate Appraisal Board, administrative matters were discussed. This included discussion about a number of new rules. Some were advanced and will be published in the Florida Administrative Weekly.

Among those still in discussion are rules pertaining to expanding the Citation Authority of the DBPR and establishing Qualifications for Supervisory Appraisers. Suggested text will be published in the Florida Administrative Weekly to establish what amounts to a "time in grade" requirement for Licensed and Certified Appraisers that supervise trainee appraisers. The minimum time required as a licensed or certified appraiser will be decided at the February, 2009 meeting.

The FREAB also discussed the Proposed Interagency Appraisal and Valuation Guidelines. Comments from the audience were taken. Members of the FREAB will submit comments individually. They also encouraged licensees to submit their own.

At the request of Chair Joni Herndon, the FREAB discussed the need for Florida regulation of Appraisal Management Companies and the Appraisal Management Company Registration and Regulation Model Act. The FREAB adopted a motion to support legislation to amend Chapter 475 Part II to regulate Appraisal Management Companies. The amendments will be based upon the Appraisal Management Company Registration and Regulation Model Act, however neither the FREAB nor the DRE support the sections of the Model Act that regulate fees or provide for mediation between panel appraisers and the AMC.

A task force has prepared preliminary text for the amendments and will work with the Appraisal Associations (primarily the Appraisal Institute) and the Director of the DRE to refine the document to specific amendments to Chapter 475, Part II.

There are Three Vacancies on the Florida Real Estate Appraisal Board.

• One Certified Residential Appraiser
• Two Consumer Members

If you know of an interested qualified individual, NOW is the time to get the application in to the Governor's Appointments Office.

As information becomes available about any of the above, more details will be posted.

Stay Well!!