OREA Links

• Federal Housing Finance Agency (FHFA) news release regarding the Home Valuation Code of Conduct (HVCC)

  The HVCC applies to lenders that sell single-family mortgage loans to Fannie Mae and Freddie Mac beginning May 1, 2009. See the FHFA news release. Read the text of the HVCC.

  The Appraisal Foundation will be providing information on their interpretation of the HVCC policy.

• *** Important Announcement to FHA/HUD Appraisers ***

  The approval of the Housing and Economic Recovery Act of 2008 mandates revised eligibility requirements for  appraisers to qualify for placement and retention on the FHA Appraiser Roster.

  No later than October 1, 2009, all FHA Appraiser Roster appraisers in all states and territories must be state certified in order to be eligible to conduct appraisals for FHA-insured mortgages and remain on the FHA Appraiser Roster.

  For the full text of HUD's Mortgagee Letter 2008-39 click here.  More information can be found at http://www.hud.gov/offices/hsg/sfh/appr/eligibility.cfm

  Please refer to pages 9-10 of OREA's Licensing Requirements Handbook for requirements to upgrade to a Certified Residential or Certified General license.

• OREA now has an email list for announcements of website updates and new publications. This will be a low volume list and we will not make the addresses available to any other entity unless required by law. You can join the list by clicking the link below and sending a blank email. If you use web-based email, you may have to copy the address and paste it into a new, blank message in your webmail.

  OREA Notices mailing list subscription address:
  orea_notices-join@orea.ca.gov

• Senate Bill 223 prohibits anyone with an interest in a real estate transaction from improperly influencing or attempting to improperly influence the results of an appraisal sought in connection with a mortgage loan. Find out more.
  Full text of Senate Bill 223

  APPRAISERS: If anyone has pressured you to "hit a value" in an appraisal assignment, please go to the California Real Estate & Financial Services License Status Check to determine the appropriate jurisdictional authority for violation of California Civil Code Section 1090.5

• FHA/HUD Appraisers: OREA sends licensee data to the ASC every two weeks. With the submittal just prior to your current license expiration date, OREA sends them your new expiration date. With the submittal just after your license expiration date, OREA sends your new issuance date. This keeps you from showing as unlicensed at any time.
• Complaints against licensed appraisers (or applicants) will not be accepted unless the complaint form REA 4001 is completed, signed and dated. See the Enforcement section for details.
• OREA HAS CHANGED TESTING PROVIDERS: OREA's examination provider has changed, effective July 1, 2008 from Pearson Vue to Applied Measurement Professionals Inc. To schedule an examination please contact Applied Measurement Professionals Inc. at:
  
  http://www.goamp.com

  PLEASE NOTE: Admission to Examination Letters are valid for one year or five attempts, which ever comes first. Therefore, applicants who have a valid Admission to Examination Letter may take the examination in 2008 but they will take the 2008 version of the examination. Additionally, those applicants who submitted their applications with acceptable education prior to January 1, 2008 and who do not take the examination until after January 1, 2008, will not have to qualify under the 2008 education requirements unless their Admission to Examination Letter expires. Information regarding the 2008 examination may be found on the Applied Measurement Professionals Inc. website at http://www.goamp.com

• The 2008 Edition of USPAP became effective on January 1, 2008.
• OREA now offers online license renewal application with credit card acceptance for some licensees.
• 2008 Licensing Requirements Handbook and 2007 Course Provider Handbook are now available.
• New Upgrade interpretations according to 2008 criteria.
• Public Record Act Guidelines.
• Application Processing Time.
• All Distance Education courses must have IDECC approval.
• Other news and important announcements.

Change to the Work Sample Submittal Process

In the OREA Licensing Handbook, the references to submittal of work samples on pages 4, 6, 14, 15 and 16 should be disregarded. OREA licensing staff will contact the applicant regarding the submittal of work samples, based on the work experience log submitted with the license application.

NEW LICENSING REQUIREMENTS EFFECTIVE JANUARY 1, 2008

In February 2004, The Appraiser Qualifications Board (AQB) of the Appraisal Foundation adopted changes to the real property appraiser qualifications criteria that will become effective January 1, 2008. The requirements individuals must meet in order to become a licensed or certified appraiser will change significantly. The changes include increased requirements for qualifying education and experience, and a new Uniform State Appraiser Examination.

The manner in which the Office of Real Estate Appraisers will implement the new criteria is important to understand. For all initial license applications and upgrade applications received on or after January 1, 2008, applicants must meet all components (education, experience, and examination) of the new requirements.

Initial or upgrade applications received on or before December 31, 2007, will be reviewed based on current licensing requirements. However, if an examination is not taken until after January 1, 2008, the examination content will be based on 2008 criteria. Any deficient component of an application not completed prior to December 31, 2007, will be required to meet the 2008 new requirements. This pertains primarily to the education and examination components.

Please refer to this website frequently. Additional information will be posted as it becomes available.

The real property appraiser criteria effective January 1, 2008 are summarized in the following table.

Individuals gaining experience at the AT level must be supervised by a certified licensed level appraiser under the new criteria. No supervisor can supervise more than three trainees.

* In lieu of the Associate Degree, an applicant can complete 21 college semester credits in courses covering specific subject matters: English Composition; Principles of Economics (Micro or Macro); Finance, Algebra, Geometry or higher mathematics; Statistics, Introduction to Computers; and Business or Real Estate Law.

** In lieu of the Bachelors Degree, an applicant can complete 30 college semester credits in courses covering specific subject matters: English Composition; Micro Economics; Macro Economics; Finance, Algebra, Geometry or higher mathematics; Statistics, Introduction to Computers; and Business or Real Estate Law; and two elective courses in accounting, geography, ag-economics, business management, or real estate.