APPRAISAL REFORM
By Kent Berk on April 10th, 2010 in BLOG, REAL ESTATE LAW
Since the real estate market crash, there is a push to reform the regulation of home appraisers. Some believe that one such step, the Home Valuation Code of Conduct, does not go far enough. That Code, among other things, prohibits certain appraisers from dealing directly with the mortgage lender or broker, but instead requires the use of appraisal management companies (AMC’s) to act as a “middleman.” There is also the Arizona Board of Appraisal, which regulates appraisers and can revoke licenses, among other things.
Of course, parties injured by a negligent or intentional error in an appraisal generally have the right to bring civil claims for damages as described elsewhere in this website. If you have questions or feel that you or your company were injured by an appraiser, please contact us.