Industry News

Arizona revives bill impacting Zillow valuations

State legislators will reconsider legislation Monday

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Legislation proposed in Arizona, which contains an amendment that would clearly exempt and other home-value-estimation Web sites from appraisal licensing requirements in the state, has been revived after a failed vote Tuesday. Senate Bill 1291, which has already passed the Senate, is appraisal-related legislation that requires a two-thirds majority to pass because language in the bill relates to a change in fees. The bill failed in a 32-22 vote this week, but state Rep. Bob Stump, R-Peoria, passed a motion to reconsider the legislation on Monday, April 30. Arizona state Rep. Michele Reagan, R-Scottsdale, proposed an amendment to the legislation that clarifies what constitutes an appraisal and exempts Web sites like Zillow from securing an appraiser's license to offer home-value estimates in that state. Reagan's amendment would exempt from appraisal licensing requirements any "Internet Web site that gives a free opinion as to the value of real estate if this opinio...