Industry News

Governor to have final say on Arizona appraisal bill

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It's up to Arizona's governor to decide the fate of a bill that would clearly exempt automated home-valuation Web sites from appraiser licensing requirements in the state, as long as those sites provide clear disclosure that their estimates are not appraisals. The Arizona House of Representatives voted 55-4 Tuesday to pass Senate Bill 1291, which followed a 28-0 state Senate vote on Monday. The bill contains an emergency clause that would make it effective immediately with Gov. Janet Napolitano's signature. The legislation provides that any "Internet Web site, automated valuation or other software program or other means of comparative market analysis" does not need to be licensed as an appraiser in the state in order to provide property-value estimates. The bill also exempts from licensing requirements a "natural person, a corporation through its officers or a partnership through its partners that gives an opinion of value of that person's or its own property and does not receive speci...