October Research, LLC produced a webinar hosted by Valuation Review featuring panelists from the Appraisal Institute (AI) in State/Industry Affairs Manager Scott DiBiasio, and AI Government/External Relations Director Bill Garber.
New regulations are being proposed and implemented at every level to address fair housing and diversity equity and inclusion (DEI) in the real estate transaction. Appraisers will need to be prepared to comply to the changing landscape.
DiBiasio and Garber covered a variety of areas including the Real Estate Valuation Fairness and Improvement Act, the federal automated valuation model quality control standards, the Biden administration taskforce addressing housing discrimination, the various states’ acceptance of the Practical Application of Real Estate Appraisal (PAREA), along with criteria from the Appraiser Qualifications Board.
In one section of his slide presentation, DiBiasio noted, in relationship to bias, that the appraisal profession must be pro-active, have mandatory CE on valuation bias – explicit, implicit, systemic, let the fair housing and discrimination agencies do their jobs, stick to USPAP compliance and appraiser discipline should come on the back end.
Garber discussed the Property Appraisal and Valuation Equity (PAVE) Task Force, in addition to framework and principles, potential regulatory changes and legislative recommendations.
You can purchase the 60-minute program by clicking here.