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House Co-Sponsorship Memoranda
House of Representatives
Session of 2023 - 2024
Regular Session
MEMORANDUM
| Posted: | April 16, 2024 09:51 AM |
|---|---|
| From: | Representative Manuel Guzman, Jr. |
| To: | All House members |
| Subject: | Modernizing Rules for Real Estate Appraisers |
| Buying or selling a home is the largest purchase most families ever consider. The appraised value of the home affects everything from the list price and real estate taxes to the equity a seller takes or the mortgage a buyer can get. Much has been written about “appraisal bias” and the inconsistencies in appraised home values based on the appraiser, the race or ethnicity of the client and other superficial features. President Biden’s Property Appraisal and Valuation Equity (PAVE) Task Force shed light on ways state and federal governments can combat appraisal bias, remove barriers to entry into the profession and allow individuals in the real estate industry to “skill up” more easily as their career progresses. That’s why I plan to introduce legislation that will amend the Real Estate Appraisers Certification Act to allow appraisers-in-training to work with multiple supervisors to gain experience. This gives trainees exposure to more types of properties and more individual appraiser supervisors. Additionally, my bill will lower the threshold of experience an appraiser must have to supervise trainees from five years to three years. This change will enable new appraisers to progress in their careers more quickly. Please join me in sponsoring legislation to make common-sense changes for real estate appraisers and those in training in the Commonwealth. |
Introduced as HB2220