Pennsylvania Gov. Tom Wolf signed HB 863, which allows the PA’s real estate brokers, associate brokers and salespeople to provide broker price opinions. The law defines a BPO as “an estimate … that details the probable selling price of a particular parcel of real property and provides a varying level of detail about the property’s
Valuation
Multiple States Considering Valuation Legislation
The Appraisal Institute reported that 21 pieces of legislation affecting the valuation profession are pending in 14 states. A list can be found at https://www.appraisalinstitute.org/advocacy/washington-report/washington-report-state-news-current-issue/#15
House Committee Passes USPAP Exemption Bill
The House Financial Services Committee recently passed legislation exempting appraisers from having to conduct evaluations in accordance with the Uniform Standards of Professional Appraisal Practice for loans under $250,000 that were held in a portfolio for three years. Appraisals are not required for loans of $250,000 or less, but federal bank regulatory policy requires lenders…
PA Court Allows Adverse Possession Claim Against Municipality
The PA Commonwealth Court recently held that a claim of adverse possession could be brought against a municipality when the municipality’s only use of the property during the statutory period was to hold the property for possible future sale. In City of Philadelphia v. Galdo, the City of Philadelphia obtained title to a property…
23 States Considering Valuation Legislation
The Appraisal Institute reported April 17 that 37 bills affecting the valuation profession are pending in 23 states. According to the Appraisal Institute, the proposed legislation includes:
Arizona SB 1197 which makes various changes to the state’s appraiser licensing law and appraisal management company oversight and registration law.
California SB 70 which allows a state-licensed…
PA Considers Broker Price Opinion Legislation
The PA State House is considering a bill that would amend the state’s Real Estate Licensing Law. According the Bill’s sponsor, HB863 would define “a Broker Price Opinion (BPO) as ‘an estimate prepared by a broker, associate broker or salesperson that details the probable selling price of a particular parcel of real property and provides…
SCOTUS Decides Not To Hear Eminent Domain Lost Profits Case
The U.S. Supreme Court declined to hear a West Virginia eminent domain case. In Beacon Resources Inc. v. W. Virginia DOT, the trial court denied the West Virginia Department of Transportation’s request for a jury instruction that compensation could not include any lost profits suffered by the condemnee. The jury awarded Beacon $24 million…
Interthinx Q4 2014 Report Indicates Mortgage And Property Valuation Fraud Risk
According to Interthinx, Inc., a subsidiary of First American Financial Corporation, the “National Mortgage Fraud Risk Index” increased 3 percent from the last quarter, and is unchanged from one year ago. However, the “Property Valuation Fraud Risk Index is down 2 percent from Q3 2014. According to the report, Florida is the riskiest state this…
Virginia Supreme Court Permits Admission Of Condemnor Appraisal Used For Intial Offer
The VA Supreme Court recently heard an interesting case involving facts that should be cautionary to litigants. In that case, VDOT made an initial offer to the property owners of $246,292 based on an appraisal. When the condemnees rejected the offer, VDOT obtained another appraisal estimating the damages at $92,127. VDOT told the condemnees that…
Pa. Commonwealth Court Addresses Tax Sales Notification Requirements Tax Sales
The Pennsylvania Commonwealth Court recently ruled that the failure of a local sheriff’s office to include a return of service document in filings related to a disputed tax sale violated notification requirements under state law. In that case, the allegation was that the Montgomery County Tax Claim Bureau failed to comply with notice provisions because …