The Ohio Coalition of Appraisal Professional’s Summer Seminar 2019 Recap
July 3, 2019 |
The Fawcett Center at the Ohio State University was a busy place on June 19th, as a line-up of well-known speakers shared information with a huge audience of appraisers at the annual Summer Seminar, sponsored by the Ohio Coalition of Appraisal Professionals. A highlight of the day was the announcement of the winner of the annual TrUnion/OCAP scholarship to an appraisal trainee.
OCAP is one of 32 state coalitions in the United States.
Hondros College was welcomed as a sponsor of this event.
- Anne Petit, Superintendent of the Division of Real Estate and Professional Licensing, Ohio and installed as President of the Association of Real Estate License Law Officials in 2018
- Larry Disney, 2 term president of the Association of Appraiser Regulatory Officials, current member of the AQB, former Executive director for the Kentucky Real Estate Appraisers Board, and consultant, appraiser, and instructor
- Jonathan Miller, president and CEO of Miller-Samuel Inc., a real estate appraisal and consulting firm; an appraiser in New York and Connecticut; well-known appraisal blogger and researcher, and adjunct professor at Columbia University and elsewhere
- Phil Crawford, appraiser and well-known host of the nation-wide podcast, Voice of Appraisal, and expert in block-chain and digital currency
- Paul Yankie, president/CEO of Green Building Consulting, speaking on “green” homes and green designations
- Chris Reese, President-elect of the Ohio Realtors
- Ernie Durbin, Chief Valuation Office and co-founder of Clarocity, former member of the Appraisal Practices Board, designated appraiser, and representative to the Industry Advisory Council of the Appraisal Foundation
Space does not permit even a brief summary of the presentations by these subject matter experts. Here is a summation of Anne Petit’s presentation:
Ms. Pettit shared the scope of her department’s duties, which includes oversight of not only appraisers but also real estate agents, cemeteries, cable providers, landmen, AMC’s, and soon Home Inspectors. She commented that there are over 49,000 real estate agents in the state, a number that is rapidly increasing due to the booming economy. There are currently almost 3.300 licensed and certified appraisers; and 103 AMC’s currently registered in the state. For appraisers, new credentials issued spiked in 2018, which was largely attributed to licensed appraisers upgrading to certified status.
She announced the big news that home inspectors will be required to be licensed as of November 1, 2019. There will be educational requirements, with a procedure to grandfather in home inspectors currently operating, under certain scenarios.
House Bill 213, Ohio’s Appraisal Management Company law became effective December of 2018. This requires registration of appraisal management companies operating in the state. Since this law came into effect, one complaint has been received.
She announced that there is now a procedure for an applicant to have their situation reviewed, to see if a court conviction will prohibit licensing. This way the applicant will know the outcome prior to investing in the cost of education.
Ms. Petit also addressed the coming of bifurcated appraisal products and directed appraisers to the video and frequently asked questions on the Appraisal Foundation’s website.
She detailed some legislative updates, including a requirement for appraisals to disclose the actual fees paid to an appraiser in an appraisal assignment. AMC numbers must also be included in an appraisal report; those numbers are available on the website or directly from the AMC.
Also reported was difficulty in securing cooperation from appraisers when they are being investigated by the Division.
House Bill 49 now requires the mandatory reporting of suspicion of elder abuse, to be reported to the local Job and Family Services on a confidential basis.
She then detailed current enforcement issues for appraisers, with most complaints coming from real estate agents, buyers and sellers complaining about appraisal values which do not support a contract price. Other investigations revealed appraisers claiming they were at an inspection when videos proved otherwise, and theft/going through property owner’s possessions discovered on videos.
With an impressive line-up of well-credentialed speakers at this event, attendees to the OCAP Summer Seminar walked away with a huge amount of information concerning proposed changes to the profession.