FREAB Federal Changes by Organization

Appraiser Work Experience Form Changes

If you are currently a Florida registered trainee appraiser, or a certified residential appraiser and will be applying to upgrade your license to become a Florida certified residential or certified general appraiser, or have submitted an application after December 2009, this alert is for you.

The Appraiser Qualifications Board (AQB) adopted Guide Note 6 in June 2008. This Guide Note makes it necessary for the department to ask for and verify additional information which is to be submitted by an applicant on their work experience log. Florida adopted the new requirements in 2008 and revised the format of the Appraiser Experience Log, Form RE-2300, at that time.

Applications received after the January 2010 revision date should include a revised work log that is signed and dated by the applicant and their supervisor. The revised form may be found by choosing the “Forms” link above on this page and choosing the appropriate link. It is available in both an Excel Spreadsheet format and Adobe Acrobat format. Both are enterable forms which you may copy to your computer for completion.

If you would like more information, the changes to Chapter 61J1-4.010, Florida Administrative Code may be viewed by choosing the “Statutes and Rules” link above on this page, then choosing the “Chapter 61J1” link.

Additional information on the AQB’s Guide Note 6 and other Guide Notes may be reviewed on the Appraisal Foundation website.

ALERT – National Registry Fee Increase Effective January 1, 2012

With the passing of the Dodd-Frank Act, Congress granted the Appraisal Subcommittee (ASC) authority to increase the registration fee for the National Registry from $25.00 per year to $40.00 per year, or a total of $80.00 for a two-year credential. The fee increase impacts any person who is applying to become a certified appraiser in Florida.

If you are submitting an application to become a certified residential or certified general appraiser on or after January 1, 2012 you must submit an application fee of $360.00 to cover this increased registration cost.

Regulation of Appraisal Management Companies – Effective July 1, 2011

On July 21, 2010 President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Act requires State regulatory agencies to regulate Appraisal Management Companies (AMC). Florida’s regulatory program for AMCs was created in 2010 when House Bill 303 was signed into law. It became Chapter 2010-84 and amends Section 475, Part II, Florida Statutes.

As of July 1, 2011, it is essential for an appraisal management company to immediately file an application to register with the Department; however, you can continue to operate while the Department and/or the board is considering your application for approval. Once approved, you will receive your license in the mail. An application that is denied must comply with the terms of the Final Order issued by the board.

What is an appraisal management company (AMC)?

“Appraisal management company” means a person who performs appraisal management services.

“Appraisal management services” means the coordination or management of appraisal services for compensation by:

1. Employing, contracting with, or otherwise retaining one or more appraisers to perform appraisal services for a client; or

2. Acting as a broker or intermediary between a client and one or more appraisers to facilitate the client’s employing, contracting with, or otherwise retaining the appraisers.

Who will be required to register as an AMC?

475.6235 Registration of appraisal management companies required.—

(1)A person may not engage in appraisal management services for compensation in this state, advertise or represent herself or himself as an appraisal management company, or use the titles “appraisal management company,” “appraiser cooperative,” “appraiser portal,” or “mortgage technology company,” or any abbreviation or words to that effect, unless the person is registered with the department as an appraisal management company under this section. However, an employee of an appraisal management company is not required to obtain a separate registration.

If you are a person who possesses the authority, directly or indirectly, to direct the management or policies of the appraisal management company, whether through ownership, by contract, or otherwise you are considered an authorized representative and must be included in the application process.

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