Today, U.S. Reps. David Kustoff (R-TN) and Ed Perlmutter (D-CO) introduced bipartisan legislation to modernize the real estate appraisal licensing system. The Portal for Appraisal Licensing Act establishes a nationwide licensing system for real estate appraisers that will improve the appraisal regulatory structure, reduce cost, and eliminate red tape. It would also work with state appraiser regulatory agencies to streamline license management and establish consistent license application and renewal procedures for appraiser continuing education requirements and background checks in certain states.
"The Portal for Appraisal Licensing Act will eliminate red tape for appraisal licensing by creating a one-stop shop for renewing licenses and certifications," said Rep. Kustoff. "This bipartisan legislation is a commonsense approach to modernize an outdated system that has caused West Tennessee businesses increased costs and a lack of quality appraiser availability."
"The pandemic and unprecedented demand in the real estate market have put a great deal of strain on the appraisal industry. Appraisers face increased regulatory obligations and compliance costs that put undue pressure on the industry and particularly small businesses," said Perlmutter. "This bill helps to eliminate some of this red tape and regulatory burden by modernizing and streamlining the licensing system while making it easier for appraisers to continue their education and keep up with industry trends."
The Federal regulatory structure for real estate appraisal essentially has been untouched since the enactment of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA). Since that time, the marketplace has changed, including numerous technological advancements and current demands in the real estate market.