December Holiday Greetings

Holiday Greetings to All!

We had a very informative meeting this month. The guest speakers were Jim Martin, the Chief of the Bureau of Real Estate Appraisers and Greg Harding with the Appraisers Qualification Board of the Appraisal Foundation.

Greg Harding spoke on the new changes in the USPAP as well as other information on the Boards of the Appraisal Foundation. There are some changes that appraisers should become familiar with. A look at the Advisory Opinion (AO) changes can be helpful to better understand the application of these opinions as well as a new AO 37 which is directed to computer assisted valuation tools. Greg also discussed the AQB Board’s current actions to revamp the Qualification requirements for licensing. Changes would include a change to the college requirement for residential licensing and practical application of experience vs. actual experience. Please check the Appraisal Foundation website for ongoing discussion on this topic.

Jim Martin brought us up to date on the current licensing statistics beginning with the number of current licensed appraisers at 10, 621. This partly explains why licensing fees are going to be raised next year to provide adequate money to fund the Bureau. He discussed a BREA outreach program to help trainees to understand what is required to receive all the experience time that they have accumulated. There have been problems with some supervisors not having the correct credentials for training and not knowing correct reporting procedures for completed reports to show compliance for the work performed by the trainee.

Senate Bill 547 goes into effect January 1, 2018 requiring the 4 hour Laws & Regs class for new licensing and reciprocal licensing. You will also note that courses you have taken for your license renewal are now included in your appraisal information on the BREA website. Among other sections added to the law is B&P code requiring AMC’s to have an engagement letter with appraiser members that shall include terms of payment. So check your engagement letters with AMC’s as this may help if you want to enforce your fee payment.

REAA is committed to presenting to our membership topical education and information by the leaders in our appraisal community and we were very excited with our November meeting and these two speakers.
January’s class/meeting will be the required 7 Hour USPAP update class covering the new 2018-2019 USPAP. It will be taught by Ken Hunsinger and will be at a greatly reduced fee. The fee for REAA members includes the new 2018-2019 USPAP book and lunch. The class will be held at the Dante Club 8:30am-4:30pm on Tuesday January, 9th. A flyer will be out on this soon.

The Education Committee is met November 16th to plan classes for next year, stay tuned for more information.

We, the Board, thank all of you, our members, for your continued support. See you all in January-remember to renew to take advantage of the reduced cost USPAP class.
Happy Holidays,

REAA Board, Sacramento Chapter