On September 20, 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 has a tremendous responsibility in 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 approved language for an amendment to current appraisal law. The amendment would establish in state law a definition for evaluations done by federal banking entities under federal guidelines. AREAB plans to introduce the amendment during the next legislative session that begins on March 5, 2019.

Board members also approved the request of an Attorney General opinion on whether the definition of evaluations can be added to the appraisal law by administrative rule or by legislation. Passing the amendment legislatively takes longer than approving it via an administrative rule.

The Board also reported that the renewal period for 2019 appraisal licenses began on August 1 with a deadline of September 30. After that, licensee renewals are subject to a late fee. There are 1,456 licensees in the state of Alabama, 950 of whom had renewed their license as of the date of the Board meeting.

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.