HB 1831 Summary

• Modifies the Oklahoma Certified Real Estate Appraisers Act to apply only to federally related transactions, financial transactions of certain federal agencies, and transactions where parties agree to follow or claim compliance with the Uniform Standards of Professional Appraisal Practice.

• Makes the Insurance Commissioner the ex-officio Chairperson of the Real Estate Appraiser Board with specified duties and additional annual compensation of $12,000, replacing separate appointment structure.

• Updates definitions to include "appraisal review" and "appraisal review report" as distinct services; modifies examination and certification requirements to align with Appraiser Qualifications Board standards rather than state-specific requirements.

• Changes federal registry fee from fixed $25 to variable amount set by the Appraisal Subcommittee; expands Board's disciplinary authority to include approved course providers and instructors, and changes "complaints" terminology to "grievances."

• Establishes comprehensive ethics code requiring appraisers to perform ethically and competently, prohibiting contingent compensation and undisclosed fees, and protecting appraiser-client confidentiality; effective November 1, 2011.