Alabama Real Estate Appraisers Board Report
July 23, 2018
On July 19, 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. The Real Estate Appraiser Board has a tremendous responsibility in protecting public interest by assuring 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.
In the meeting, AREAB members elected new officers: Robert Butler as Vice President and Richard Petty as President. AREAB members also assigned board members to the AREAB Disciplinary, Legislative and Budget Committees.
The AREAB members approved working on an amendment to current appraisal law that would further define appraisals to acknowledge evaluations as defined by Federal Banking entities interagency guidelines. The AREAB plans to introduce the amendment at the next legislative session.
Alabama Real Estate Appraiser Board Background
The 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.