The Circuit Court of Cook County, Illinois (Chancery Division) ruled that attorneys who referenced comparable property valuations and market values based on an income approach as part of tax appeal proceedings were simply...more
The Appraisal Institute reported that 21 pieces of legislation affecting the valuation profession are pending in 14 states....more
The House Financial Services Committee recently passed legislation exempting appraisers from having to conduct evaluations in accordance with the Uniform Standards of Professional Appraisal Practice for loans under $250,000...more
The Federal Reserve Board has issued a statement providing for temporary exception to appraisal requirements in hurricane areas affected by severe storms and flooding related to Hurricanes Harvey, Irma, and Maria....more
35 appraiser organizations including the Appraisal Institute are asking Congress to prevent Freddie Mac and Fannie Mae from issuing appraisal waivers. Freddie and Fannie recently announced plans to no longer require...more
Freddie Mac announced that it will utilize automated collateral evaluations to determine when an automated appraisal can be used for new home mortgages and refinancing. ACE uses data from multiple listing services, public...more
Federal agencies are considering raising the threshold for commercial real estate transactions requiring an appraisal from the current level of $250,000 to $400,000. The agencies including the Federal Reserve Board, the...more
The Georgia Supreme Court is considering an important case involving the state’s 2006 Landowner’s Bill of Rights statute. At issue is whether certain provisions of that statute are mandatory or merely advisory....more
Oregon has enacted legislation establishing a specific statute of limitations on civil actions against appraisers and appraisal firms for real estate appraisal activity. The law takes applies only to appraisals performed...more
Tennessee has enacted a law establishing a new statute of limitations regarding civil lawsuits and disciplinary actions against real estate appraisers. Under HB 376, any action to recover damages against a real estate...more
The Appraisal Institute reported April 17 that 37 bills affecting the valuation profession are pending in 23 states. According to the Appraisal Institute, the proposed legislation includes:
Arizona SB 1197 which makes...more