What are the laws governing real estate appraisals?

Real estate appraisals in Florida are governed by the State of Florida’s Department of Business and Professional Regulation (DBPR). DBPR is responsible for licensing, regulating, and disciplining appraisers to ensure they comply with all laws and regulations. State Laws require all appraisals to be performed by state-licensed or certified appraisers. Appraisers are required to inspect the property to determine its value and submit a written report to the requesting party. Appraisals must be conducted in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP). The appraiser must also document all sources of information used in the appraisal and disclose any potential conflicts of interest. Appraisers are also required to maintain a register of all appraisals performed, including the date of the appraisal, the details of the appraisal, and any payment received. Appraisers must also take continuing education courses to stay up-to-date on current appraisal practices, laws, and regulations. The number of hours required depends on the appraiser’s certification and license level. In addition, Florida has a “consumer protection” law that requires appraisers to disclose any potential conflicts of interest or discriminatory practices when performing an appraisal. Appraisers can be fined or have their license suspended or revoked if found in violation of this rule. Finally, appraisers must stay abreast of changes to zoning laws, building codes, and other local regulations that could affect the value of the property being appraised. Appraisers must also take into account any new construction or development in the area that could affect the property’s value.

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What are the laws governing real estate appraisals?

What are the laws governing real estate appraisals?

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