State Extends Deadline for Appraisers

California’s real estate appraisers now have an additional two months to receive the licenses necessary to perform federally related real estate appraisals.

Appraisers who have not yet received their licenses may continue to perform appraisals beyond the original Jan. 1, 1992, deadline. However, a state official warned that appraisers not yet licensed should immediately proceed with the application and testing process.

The California Office of Real Estate Appraisers (OREA) has issued emergency regulations extending by two months the deadline for appraiser licensing. State and federal law originally mandated that real estate appraisers be licensed by the state no later than Jan. 1, 1992, in order to perform the federally related appraisals.

The banking bill passed by Congress in late November and now awaiting President Bush’s signature extended the federal licensing deadline. The newly issued emergency regulations extend the period for complying with state licensing laws.

OREA plans to seek state legislation to extend the emergency regulations now in effect. Should such legislation become law, there could be an additional extension of the deadline.

Loretta Maxwell, administrative officer of OREA, warned that all appraisers should continue with the application and examination process without delay.

“The office is continuing to work as quickly as possible to process all applications currently in the pipeline,” she said. “It is important that appraisers follow through after application approval by actually scheduling and taking their exams.”

“After the applicant is authorized to take, then passes the examination, they must submit their request to OREA for issuance of the license,” Maxwell explained. “Even with a deadline extension of any duration, the only way we can get all our applicants processed is if they follow through in a timely manner.”