Connecticut House Bill HB05501

Connecticut 2014 Regular Session

• Introduced: 3/5/14
• Refer: 3/5/14

Caption

An Act Authorizing A Limited Scope Real Estate Estimated Valuation.

Impact

This bill would impact sections of the General Statutes concerning real estate appraisal in the state. By allowing certified appraisers to perform limited scope valuations, it opens pathways for simpler and potentially less costly appraisal processes. These amendments are particularly relevant for properties that do not require full appraisals, thereby streamlining evaluations in cases such as property sales or refinances where a full appraisal may not be necessary.

Summary

House Bill 5501, titled 'An Act Authorizing A Limited Scope Real Estate Estimated Valuation,' aims to introduce a framework for limited scope real estate estimations to be carried out by certified appraisers. The bill proposes amendments to existing statutes regulating real estate appraisal, specifically in how appraisals must be conducted and what qualifications appraisers must have. The goal is to enhance the real estate appraisal process, allowing more flexibility for appraisers while still ensuring compliance with general standards and regulations.

Contention

Notable points of contention surrounding HB 5501 include concerns about the potential for reduced standards in property evaluations. Opponents may argue that allowing limited scope appraisals could lead to inconsistencies in property values and might undermine the integrity of the real estate market. Additionally, there may be debates on whether the regulations established are stringent enough to prevent any misrepresentations or unethical practices by appraisers.

Statement_of_purpose

The bill explicitly states its purpose as establishing a limited scope appraisal that can efficiently meet the needs of both appraisers and consumers. By targeting this niche, HB 5501 aims to provide more accessible real estate valuation options while seeking to preserve overall standards of appraisal practice within the industry.