**GAO-12-198SP**                      Published: Jan 18, 2012. Publicly Released: Jan 18, 2012.                  

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## Highlights

## What GAO Found

This is an E-supplement to GAO-12-147. It provides information on how state appraiser regulatory agencies carry out their responsibilities under Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and their views on selected aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which amends Title XI and includes new requirements for these state agencies. Title XI relies on the states to (1) implement the certification and licensing of all real estate appraisers and (2) monitor and supervise compliance with appraisal standards and requirements. This e-supplement includes the questions asked and a summary of the answers given in a survey we conducted of representatives from the agencies. Narrative answers to open-ended questions are not displayed for brevity and to minimize the risk of disclosing the identity of respondents.

## Supplemental Material

### Background

This e-supplement provides information on how state appraiser regulatory agencies carry out their responsibilities under Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and their views on selected aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which amends Title XI and includes new requirements for these state agencies. Title XI relies on the states to (1) implement the certification and licensing of all real estate appraisers and (2) monitor and supervise compliance with appraisal standards and requirements. This e-supplement includes the questions asked and a summary of the answers given in a survey we conducted of representatives from the agencies. Narrative answers to open-ended questions are not displayed for brevity and to minimize the risk of disclosing the identity of respondents.

We conducted a Web-based survey of state appraiser regulatory agency representatives from the 50 states, the District of Columbia, and the territories of Guam, Northern Mariana Islands, Puerto Rico, and the Virgin Islands. The only other U.S. territory, American Samoa, does not have a regulatory oversight structure for appraisers because real estate there can only be inherited. We surveyed the population to obtain their views on how they carry out their functions, how the Appraisal Subcommittee monitors their activities, and how the Dodd-Frank Act might impact their regulatory programs, among other things. For reporting purposes, we use the term "states" to refer to the 50 states, the District of Columbia, and the four territories we surveyed. We received completed survey responses from 50 of those 55 entities.

We administered the survey from June 2011 to July 2011 in accordance with generally accepted government auditing standards. A more detailed discussion of our scope and methodology and agency comments on the draft report are contained in our report entitled *Real Estate Appraisals: Appraisal Subcommittee Needs to Improve Monitoring Procedures*, GAO-12-147 (Washington, D.C.: January 2012).

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## Topics

Business Regulation and Consumer Protection

Real propertyRegulatory agenciesConsumer protectionCompliance oversightProperty appraisalsFinancial marketsCommunity investmentsConsumer complaintsCopyrightFinancial institutions