Home NSAO Appraisal Study NCREAA Board of Directors Accomplishments and NCREAA Letters Members Sign In Customary and Reasonable Appraiser Fee Law
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June 14, 2018
NCREAA is placing an immediate

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

919-733-5963,

Email

Bill.Rabon@ncleg.net
The following link allows you to easily look up your Senator;

https://www.ncleg.net/representation/WhoRepresentsMe.aspx

 NCREAA

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
to make rules to enforce




This bill is very important to the NC economy.

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

JOIN US

Action Changes Things…

our Members are making a difference!




 






IMPORTANT ANNOUNCEMENT FROM NCREAA
 

 The governor SIGNED INTO NC LAW 
The new Customary and Reasonable Appraiser Fee Law
June 20, 2016


The North Carolina Real Estate Appraiser Association (NCREAA) is pleased to announce that the Governor of North Carolina has signed into law Senate Bill 600

This legislation addresses the Dodd/Frank requirement that appraisal management companies pay appraisers customary and reasonable fees, and is the result of 18 months of continuous negotiation between NCREAA and members of the General Assembly. 
The new law grants enforcement authority to the North Carolina Appraisal Board. 
North Carolina appraisers will now have direct state protections
as mandated in the federal law. 


NCREAA wishes to thank both the original bill sponsors and the sponsors of the final version of the bill. Thank you Representative David Lewis, Representative John Szoka,
and Representative Jason Saine 
for sponsoring our original House Bill 577,
and assisting NCREAA in eventually passing this piece of legislation.

Our gratitude also goes out to Senator Wesley Meredith, Senator Bill Rabon,
and Senator Paul Lowe, 
the original sponsors of Senate Bill 600, for agreeing to allow
our language to be inserted into the final version of their bill.


The North Carolina Appraisal Board will be formulating rules to guide
appraisal management companies operating in North Carolina.
NCREAA will stay involved in the entire rule-writing process
by providing input during the public comment period.

NCREAA wishes to thank the North Carolina Association of Realtors, North Carolina Chapter of the Appraisal Institute, the North Carolina Professional Appraiser Coalition,
and
the Appraisal Section of the North Carolina Association of Realtors
for supporting passage of this bill.

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.