Sharing the Latest…
June 14, 2018
call to action to
all NC Appraisers
During the last legislative session,
House Bill H829
nearly unanimously passed the House 115 to 4
*The Bill is now stuck in the Senate Rules Committee.*
The Rules Chair is Senator Bill Rabon
is asking all appraisers to call and email both the Rules Chair and your Senator asking them to move and pass
House Bill H829
Only if this bill becomes NC Law
can the North Carolina Appraisal Board be granted the authority
It supports small businesses (in this case, appraisers) who are all NC tax paying businesses and residents
- versus -
Appraisal Management Companies / AMC's who are mostly large corporations based outside of our state.
It protects consumers in line with federal laws.
We need YOU
Please take a few minutes NOW to
call and/or email our NC Senators regarding
HOUSE BILL 829
(information for the bill provided below)
AN ACT TO CLARIFY THE DEFINITION OF REASONABLE AND CUSTOMARY COMPENSATION FOR REAL ESTATE APPRAISERS
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 93E-2-4 reads as rewritten:
"§ 93E-2-4. Qualifications for registration; duties of registrants.
(i) For appraisal assignments of 1-4 family residential properties, an appraisal management company shall provide customary and reasonable compensation and offers of compensation to appraisers. Compensation and offers of compensation provided to an appraiser shall be presumed reasonable if the compensation or offer of compensation is in an amount that is reasonably related to recent rates paid by the consumer for comparable appraisal services performed in the geographic market of the property being appraised. Recent rates paid shall not include those amounts paid by appraisal management companies. Customary and reasonable rates shall be based on objective third-party information, such as academic studies, government fee surveys, and independent private sector surveys. The Board shall adopt rules necessary to enforce this subsection."
SECTION 2. G.S. 93E-2-2 reads as rewritten:
"§ 93E-2-2. Definitions.
(a) The following definitions apply in this Article:
(5) Board. – The North Carolina Appraisal Board under Article 1 of this Chapter.
(5a) Consumer. – The borrower or owner of the property interest for which an appraiser's services are utilized.
(6) Employee. – An individual who has an employment relationship acknowledged by both the individual and the company and is treated as an employee for purposes of compliance with federal income tax laws.
(b) The definitions contained in G.S. 93E-1-4 also apply in this Article."
SECTION 3. This act is effective when it becomes law. The North Carolina Appraisal Board shall adopt rules in accordance with this act within 180 days of the effective date.
wants to "Thank You" in advance!
For contacting your Senators
and for being a part of our work to
advocate for Appraisers with your membership.
We couldn’t do it without you!
If you are not yet a member of
the North Carolina Real Estate Appraiser Association / NCREAA
Action Changes Things…
our Members are making a difference!
HISTORY OF THE C&R FEE LAW
The North Carolina Real Estate Appraiser Association (NCREAA) worked diligently for over a year with our legislators for the passage of the C&R Fee Law.
NCREAA wishes to thank the North Carolina Association of Realtors, North Carolina Chapter of the Appraisal Institute, the North Carolina Professional Appraiser Coalition,
NCREAA also networked and communicated with other state appraisal organizations across the country which have passed similar legislation in their states. This networking experience between state appraisal organizations is an invaluable tool in refining our legislative efforts here in North Carolina, and NCREAA is proud to participate in this nationwide collaborative effort to address appraiser issues in our individual states.