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FREAB Meeting Update
NOTICE OF MEETING DATE CHANGE
As of July 1, 2015, the dates of the Florida Real Estate Appraisal Board General Meeting for August 2015 have been changed. The revised meeting dates were Monday, August 10th and Tuesday, August 11th, 2015. The meeting began Monday at 8:30 a.m. and continued on Tuesday at the same time until all business had been completed. The location of the meeting was: Zora Neale Hurston Building, 400 West Robinson Street, Suite N901, Orlando, FL 32801. The agenda and materials for the meeting were available on this website, not less than seven days before the meeting.
Proper Display of Florida Real Estate Appraiser Designation and License Number
Florida’s real estate appraisers are reminded of Florida Statute and Florida Administrative Code (rule) requirements for the proper display of appraiser designations and license numbers. While there have been many recent changes to the appraisal report forms used by real estate appraisers to conduct their daily business, Florida Statute and Rule remain the same.
The real newest appraisal forms used for residential mortgage lenders contain revised language within the signature block where an appraiser affixes their license designation and number. The new forms don’t require the display of an appraiser’s designation, only a license number.
Failure to include your designation in the signature block is a violation of Chapter 475.622, Florida Statutes and Rule 61J1-7.001, Florida Administrative Code, which detail the requirements for the proper display of an appraiser’s designation and number within the appraisal report.
Any failure to properly display your designation and license number in an appraisal report that is submitted to a client could result in discipline against your license as defined in Rule 61J1-8 Disciplinary Guidelines.
The Statutes and Rules can be found by choosing the “Statutes and Rules” link above on this page and choosing the appropriate link.
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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