On January 17, the Alabama REALTORS® Public Policy team attended the Alabama Real Estate Appraisers Board (AREAB) meeting in Montgomery to monitor for impacts on the real estate industry and property owners. AREAB is responsible for protecting public interest by ensuring that all consumers of real estate appraisal services receive such services from appraisers who are fully qualified in accordance with both federal and state law.

Business Meeting

In the meeting, AREAB members gave an update on the amendment to current appraisal law they plan to introduce during the 2019 Legislative Session that begins on March 5. The amendment has been drafted and will be sent to Legislative Reference Service to be codified soon. The amendment would establish in state law a definition for evaluations done by federal banking entities under federal guidelines.

In future legislation, there was also discussion of amending the definition of appraisal management in appraisal law to include all appraisal management companies, not just residential.

In the Disciplinary Report, it was reported that there are 34 open complaints. Twelve out of the 34 are pending investigation.

The next board meeting will be on March 20, 2019.

Alabama Real Estate Appraiser Board Background

AREAB was created by the State Legislature (ACT 90-639) in 1990.  This followed the enactment of U.S. Public Law 101-73 in 1989, which required that each of the states establish an agency for the licensure, certification and regulation of appraisers.

These responsibilities are accomplished by AREAB through a variety of efforts including testing of potential licensees, pre-license and continuing education requirements, investigation of complaints and disciplinary action against licensees as warranted.

The AAR Public Policy team will continue to monitor state regulatory agencies for potential impacts on REALTOR® members, the real estate industry and private property owners.