Tuesday, February 9, 2010

Questions from Sen. Regala re SB 6426

Stan [Sidor],

Thank you for contacting me. I need to know more about this commission.

What does the Real Estate Appraiser Commission do? How often do they meet? What is the budget?

What are the main expenditures?

Thank you,

Debbie Regala
State Senator – 27th District

[Senator Regala,]

The Real Estate Appraiser Commission typically meets quarterly. It serves as a key link between, and a liaison with, the appraiser community, the Dept. of Licensing, and the national Appraisal Subcommittee as established by the Appraisal Foundation under US Title 11 (FIRREA).

The commission provides a mechanism for the Appraisal Subcommittee to report to Congress on the health of the real estate mortgage lending industry in the state of WA, as required under Title 11.

The commission also makes recommendations about and to appraisers and/or the DOL, and/or hears recommendations from appraisers or the DOL, as to issues impacting the appraisal profession.

They have a nominal annual budget (around $3,000, mainly for some in-state travel, in order to accommodate meeting in different parts of the state so that they can hear from as many appraisers as possible, along with certain reporting requirements to the Appraisal Subcommittee), which is paid entirely from a Dedicated Fund of the Real Estate Program paid into from appraiser licensing fees, fines, etc., to the DOL.

There are NO impacts to the State’s General Fund – this is a self-supporting dedicated fund account/program.

I hope this helps.

Thank you very much!

Stan Sidor
President, Board of Directors
ACOW - Appraiser's Coalition of Washington

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