Letter of Transmittal - Appraisal Subcommittee

More documents

Recommendations

Info

(2) Fees for temporary practice. A State appraiser certifyingor licensing agency shall not impose excessive fees or burdensomerequirements, as determined by the Appraisal Subcommittee,for temporary practice under this subsection.(b) Reciprocity. The Appraisal Subcommittee shall encouragethe States to develop reciprocity agreements that readilyauthorize appraisers who are licensed or certified in one State(and who are in good standing with their State appraisercertifying or licensing agency) to perform appraisals in otherStates.(c) Supplemental funding. Funds available to the Federalfinancial institutions regulatory agencies may be made availableto the Federal Financial Institutions Examination Councilto support the council’s functions under this title.(d) Prohibition against discrimination. Criteria establishedby the Federal financial institutions regulatory agencies, theFederal National Mortgage Association, the Federal HomeLoan Mortgage Corporation, and the Resolution Trust Corporationfor appraiser qualifications in addition to State certificationor licensing shall not exclude a certified or licensedappraiser for consideration for an assignment solely by virtueof membership or lack of membership in any particularappraisal organization.(e) Other requirements. A corporation, partnership, or otherbusiness entity may provide appraisal services in connectionwith federally related transactions if such appraisal isprepared by individuals certified or licensed in accordancewith the requirements of this title. An individual who is not aState certified or licensed appraiser may assist in the preparationof an appraisal if—(1) the assistant is under the direct supervision of a licensedor certified individual; and(2) the final appraisal document is approved and signed byan individual who is certified or licensed.(f) Studies.(1) Study. The Appraisal Subcommittee shall —(A) conduct a study to determine whether real estate salesand financing information and data that is available to realestate appraisers in the States is sufficient to permit appraisersto properly estimate the values of properties in connectionwith federally related transactions; and(B) study the feasibility and desirability of extending the provisionsof this title to the function of personal property appraisingand to personal property appraisers in connectionwith Federal financial and public policy interests.(2) Report. The Appraisal Subcommittee shall —(A) report its findings to the Congress with respect to thestudy described in paragraph (1)(A) no later than 12 monthsafter the date of the enactment of this title, and(B) report its findings with respect to the study described inparagraph (1)(B) to Congress not later than 18 months afterthe date of the enactment of this title.SEC. 1123. Emergency exceptions for disaster areas[12 U.S.C. 3352](a) In general. Each Federal financial institutions regulatoryagency may, by regulation or order, make exceptions to thistitle, and to standards prescribed pursuant to this title, fortransactions involving institutions for which the agency isthe primary Federal regulator with respect to real propertylocated within a disaster area if the agency —(1) makes the exception not later than 30 months after thedate on which the President determines, pursuant to section401 of the Robert T. Stafford Disaster Relief and EmergencyAssistance Act, that a major disaster exists in the area and(2) determines that the exception —(A) would facilitate recovery from the major disaster, and(B) is consistent with safety and soundness.(b) 3-year limit on exceptions. Any exception made underthis section shall expire not later than 3 years after the date ofthe determination referred to in subsection (a)(1).(c) Publication required. Any Federal financial institutionsregulatory agency shall publish in the Federal Register a statementthat —(1) describes any exception made under this section; and(2) explains how the exception —(A) would facilitate recovery from the major disaster, and(B) is consistent with safety and soundness.(d) Disaster area defined. For the purposes of this section,the term “disaster area” means an area in which the President,pursuant to section 401 of the Robert T. Stafford DisasterRelief and Emergency Assistance Act, has determinedthat a major disaster exists.* * *58
DEPARTMENT OF HOUSING AND URBAN DEVELOP-MENT REFORM ACT OF 1989 SEC. 142. FHA OPERA-TIONS.(e) Appraisal standards.[12 U.S.C. 1708(e)](1) The Secretary shall prescribe standards for the appraisalof all property to be insured by the Federal Housing Administration.Such appraisals shall be performed in accordancewith uniform standards, by individuals who have demonstratedcompetence and whose professional conduct is subjectto effective supervision. These standards shall require ata minimum —(A) that the appraisals of properties to be insured by theFederal Housing Administration shall be performed in accordancewith generally accepted appraisal standards, such asthe appraisal standards promulgated by the Appraisal Foundationa not-for-profit corporation established on November30, 1987 under the laws of Illinois; and(B) that each appraisal is a written statement used in connectionwith a real estate transaction that is independently an[d]impartially prepared by a licensed or certified appraiser settingforth an opinion of defined value of an adequately describedproperty as of a specific date, supported bypresentation and analysis of relevant market information.(2) The Appraisal Subcommittee of the Federal Financial InstitutionsExamination Council shall include the Secretary orhis designee.✯ ✯ ✯59
Page 2 and 3:
APPRAISAL SUBCOMMITTEEFederal Finan
Page 4 and 5: Table of ContentsContentsLetter of
Page 6 and 7: Message from the ChairmanIn 2002, t
Page 8 and 9: Administration of the ASCASC meetin
Page 10 and 11: Activities of the Agencies and HUDF
Page 12 and 13: Rewriting the CriteriaThe AQB issue
Page 14: Appendix A-Financial StatementsAppr
Page 18 and 19: 1919
Page 20 and 21: Appraisal SubcommitteeStatements of
Page 22 and 23: Appraisal SubcommitteeSummary of Ac
Page 24 and 25: Appraisal SubcommitteeNotes to Fina
Page 26 and 27: 2727
Page 28 and 29: APPRAISAL SUBCOMMITTEE POLICY STATE
Page 30 and 31: PurposeThe ASC is issuing these Pol
Page 32 and 33: Board or commission members and any
Page 34 and 35: the State Certified Residential App
Page 36 and 37: Statement 3: Appraisal StandardsRea
Page 38 and 39: Statement 5: Temporary Practice[Pub
Page 40 and 41: Statement 6: Reciprocity [Correctio
Page 42 and 43: Statement 8: National Registry of S
Page 44 and 45: U. S. Department of CommerceNationa
Page 46 and 47: available to State agencies outlini
Page 48 and 49: appraiser and the final appraisal i
Page 50 and 51: Code, including the publication of
Page 52 and 53: the Subcommittee shall be nonbindin
show all

Letter of Transmittal - Appraisal Subcommittee

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?