Arizona HB2501 amends definitions related to real estate appraisal management companies.
Arizona HB2501 amends section 32-3661 of the Arizona Revised Statutes to redefine terms related to real estate appraisal management companies. It specifies definitions for "appraisal," "appraiser," "appraisal review," "appraisal management company," and other related terms. The bill clarifies the scope of services provided by appraisal management companies, including the recruitment and management of appraisers, and the review of appraisal work. It also distinguishes between federally regulated appraisal management companies and those regulated by the state.
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