Which organization has oversight authority over state appraisal regulatory agencies?

The Appraisal Subcommittee has oversight authority over state appraisal regulatory agencies. This organization was established by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) and is part of the Federal government. Its role is to provide oversight and ensure that state regulatory agencies comply with the requirements of FIRREA, which include maintaining minimum standards for the certification and licensing of appraisers.

The Appraisal Subcommittee also collects and maintains information regarding the performance of state appraisal regulatory agencies and administers funds for state appraiser grants. This is crucial for ensuring that the appraisal profession maintains its integrity and adherence to established standards across all states, which helps to protect consumers and ensure consistency in appraisals.

Understanding the structure of appraisal regulation is important for aspiring appraisers, as it highlights the importance of compliance with both federal and state regulations, reinforcing the integrity of the appraisal process in real estate transactions.