The Georgia Real Estate Appraisers Board on July 17 proposed a rule requiring appraisal management companies to pay appraisers customary and reasonable fees for appraisal services performed for single- to four-family residential dwellings. The Board also released the results of an appraisal fee study.
The proposed rule is the result of legislation passed during the state’s 2015 legislative session. A public hearing will be held Aug. 19 to take comments on the proposal.
If adopted, the rule would:
- Give the Board authority to discipline AMCs for failing to comply with federal and state requirements to pay reasonable and customary fees;
- Amend the time in which AMC payment obligations are satisfied;
- Renumber existing rule provisions;
- Give the Board the authority to contract with independent third parties to conduct surveys of fees previously paid to appraisers for use by AMCs electing to do so; and
- Require AMCs to maintain certain records.
The Board also released its study of customary and reasonable fees paid in Georgia in 2014 for appraisal services being performed for single- to four-family residential dwellings. The Board commissioned the study so it could analyze non-AMC appraisal fees that the state’s lenders have paid and its appraisers have received.
Read the proposed rule and the results of the fee study.
