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California appraisal regulator highlights bias reforms, disaster outreach and staffing challenges
Summary
At a joint Assembly–Senate sunset hearing, the Bureau of Real Estate Appraisers described steps taken since its last review to implement the Fair Appraisal Act, train appraisers on cultural competency and expand entry paths into the profession while noting continued funding and workload pressures.
The Bureau of Real Estate Appraisers told a joint Assembly and Senate sunset review hearing that it has implemented new requirements aimed at reducing racial and ethnic bias in home valuations, added training requirements for licensees and created alternative pathways to licensure.
The bureau said AB 948 (Holden), the Fair Appraisal Act, required that “after July first of 2022, every real property sale contract include a notice informing the buyer of their right to an unbiased appraisal and how to file a complaint with the bureau,” and that it updated its complaint form and tracking as required by the law. “Federal law requires all states to license and certify real estate appraisers who conduct appraisals for federally related transactions,” Bureau presenter Kimberly Kirchmeyer told the committees.
Why it matters: Appraisals affect sales, mortgage approvals and household wealth. Lawmakers pressed the bureau on how it is addressing longstanding concerns about appraisal fairness, the bureau’s finances and its readiness to handle increased complaint volumes after disasters…
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