Virginia Regulatory Town Hall
Agency
Department of Professional and Occupational Regulation
 
Board
Real Estate Appraiser Board
 
chapter
Appraisal Management Company Regulations [18 VAC 130 ‑ 30]
Action Initial Appraisal Management Company Regulations
Stage Proposed
Comment Period Ended on 3/28/2014
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3/28/14  4:07 pm
Commenter: Betsy Hughes, BK Appraisal Services

AMC Regulation C&R Fees
 

Since 2008 the appraisal industry has been under scrutiny.  Appraisers are held reliable for the real estate melt down.  Educational requirements have increased, licensing fees have increased, and E&O insurance has increased. Many companies are requiring background checks and will not accept them from just any company, only the company they are affiliated with.  (This whole concept I find rather ironic because appraisers are not allowed to have an affiliation with anyone in the industry but every other business in the industry can.) If anyone would like to become an appraiser today they need to have a college education, 150 hours of appraisal classes, 2000 hours of experience, and at least one year of service which may or may not be paid.  If it is paid, they are likely splitting a $300 fee from an AMC, but make sure the AMC doesn’t know the trainee is doing the work because that is not allowed either.  Where is the incentive for anyone to want to get into the appraisal industry?  Expenses and responsibilities have increased while the fees have decreased.  Something has to change before the good appraisers are out of business.  We are relying on you, our state board to make a stand for us.  We are only asking for fair pay and an American business model of cost plus to stay in business, not rape the appraiser.  The purpose of implementing the educational requirements was to increase the professionalism in the industry.  The industry is not going to attract professionals with AMC fees.

CommentID: 31524