Industry News

Arizona House passes bill impacting ‘Zestimates’

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State legislation in Arizona that would provide Zillow.com and other home valuation sites with a clear exemption from appraiser licensing requirements passed the state House of Representatives in a 52-3 vote Monday, with five legislators not voting. The legislation, Senate Bill 1291, was earlier considered on April 24 but failed in a 32-22 vote to receive a two-thirds majority. A legislator had passed a motion for the bill to be reconsidered. Barrett Marson, a spokesman for Republicans in the state House of Representatives, said that the bill now moves to a conference committee, where a final version of the legislation will be hashed out before it is submitted to the governor for approval. Marson also noted that the conference committee could meet as soon as Wednesday, though the House this week is also working to pass a $10.6 billion state budget. Appraisal licensing law in Arizona is a hot issue for Zillow and other Web sites that offer home-valuation estimates for consumers, as the...