REALTOR® Day on the Hill Briefing: Appraisal Management Company Regulation

This is the fourth in a series of blog posts familiarizing members with the issues we will bring to the State House at REALTOR® Day on Beacon Hill next week. See our blog for the previous issues.

REALTORS® Support Appraisal Management Company Regulations – H.3849 An Act to regulate real estate appraisal management companies

Broker Price Opinions (BPO) are regularly used by real estate brokers to help estimate the value of a property and to establish a listing price. A BPO is not an appraisal, which can only be performed by a licensed appraiser. As such, under current law, a real estate broker providing a BPO is excluded from the appraiser regulations and therefore is not required to be licensed as an appraiser in order to provide a BPO.

Legislation is currently before the Senate Way & Means (H.3849) that seeks to license and regulate appraisal management companies in a similar manner as appraisers are currently regulated in Massachusetts. This bill contains an important exemption that mirrors the exemption in the appraiser law protecting brokers.

Ask your Senator to urge the Senate Committee on Way & Means to SUPPORT H.3849 as amended at REALTOR® Day on Beacon Hill.

2014 MAR President Peter Ruffini invites you to REALTOR® Day on Beacon Hill, where REALTORS® will have a chance to network and learn about the key legislative issues that will affect the real estate industry and private property in 2014. Attend the REALTOR® Day on the Hill and make an impact on the legislative process. Check out the video.

REALTOR® Day on Beacon Hill is scheduled for:
Wednesday, June 11th, 2014
10:00 to 11:00AM
Massachusetts State House, Great Hall