Real Estate Appraisals: Survey of State Appraiser Regulatory Agencies (GAO-12-198SP, January 2012), an E-supplement to GAO-12-147

Read the Full Report: Real Estate Appraisals: Appraisal Subcommittee Needs to Improve Monitoring Procedures (GAO-12-147).

Background

This e-supplement provides information on how state appraiser regulatory agencies carry out their responsibilities under Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and their views on selected aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which amends Title XI and includes new requirements for these state agencies. Title XI relies on the states to (1) implement the certification and licensing of all real estate appraisers and (2) monitor and supervise compliance with appraisal standards and requirements. This e-supplement includes the questions asked and a summary of the answers given in a survey we conducted of representatives from the agencies. Narrative answers to open-ended questions are not displayed for brevity and to minimize the risk of disclosing the identity of respondents.

We conducted a Web-based survey of state appraiser regulatory agency representatives from the 50 states, the District of Columbia, and the territories of Guam, Northern Mariana Islands, Puerto Rico, and the Virgin Islands. The only other U.S. territory, American Samoa, does not have a regulatory oversight structure for appraisers because real estate there can only be inherited. We surveyed the population to obtain their views on how they carry out their functions, how the Appraisal Subcommittee monitors their activities, and how the Dodd-Frank Act might impact their regulatory programs, among other things. For reporting purposes, we use the term "states" to refer to the 50 states, the District of Columbia, and the four territories we surveyed. We received completed survey responses from 50 of those 55 entities.

We administered the survey from June 2011 to July 2011 in accordance with generally accepted government auditing standards. A more detailed discussion of our scope and methodology and agency comments on the draft report are contained in our report entitled Real Estate Appraisals: Appraisal Subcommittee Needs to Improve Monitoring Procedures, GAO-12-147 (Washington, D.C.: January 2012).

Contents

Page Name Questionnaire Results
Introduction View View
General Information View View
Agency Structure View View
Agency Resources View View
Agency Responsibilities and Activities View View
Agency Revenues, Expenses, and Resources View View
Education and Training of Appraisers View View
Complaint Process View View
Complaints Against Appraisers and AMCs View View
ASC, National Registry, Policy Statements, and Compliance Reviews View View
Dodd-Frank Wall Street Reform and Consumer Protection Act Requirements View View
Appraisal Threshold View View
Submit Your Final Responses to GAO View View

Contact

If you have questions regarding this survey, please contact William B. Shear, Director, Financial Markets and Community Investment, at (202) 512-8678 or shearw@gao.gov

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Copyright

This is a work of the U.S. government and is not subject to copyright protection in the United States. The published product may be reproduced and distributed in its entirety without further permission from GAO. However, because this work may contain copyrighted images or other material, permission from the copyright holder may be necessary if you wish to reproduce this material separately.