What are the laws governing real estate appraisals?

Real estate appraisals are conducted to assess the value and condition of a property. In Washington, state law requires anyone conducting a real estate appraisal to be licensed or certified by the state’s Department of Licensing. Appraisers must also be certified by the Appraiser Qualifications Board in order to provide services. Washington also has regulations in place for appraisals conducted for lending purposes. These appraisals must be conducted by a state-licensed appraiser, and they must comply with federal regulations from the Office of the Comptroller of Currency. Additionally, the appraisal must be conducted with a higher standard of care than a typical appraisal. State law also requires that real estate appraisals are conducted within certain guidelines. These include that the appraiser must consider factors such as comparable sales, replacement cost, market conditions, and the opinion of local real estate professionals. The purpose of this requirement is to ensure that a real estate appraisal is impartial and fair. Washington also has laws regarding appraiser fees. These fees must be reasonable in order to prevent appraisers from taking advantage of the client. Other laws may apply to different types of real estate appraisals, such as appraisals for tax assessment purposes. In summary, Washington requires anyone conducting a real estate appraisal to have the proper licensing, and there are additional regulations for appraisals conducted for lending purposes. Appraisals must be conducted within certain guidelines set by the state, and appraiser fees must be reasonable.

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What are the laws governing real estate appraisals?

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