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Appraisal Subcommittee Publishes Formal Order Extending Temporary Appraisal Relief Waiver for North Dakota

Aug 17, 2020

On Thursday, August 13th, the Appraisal Subcommittee (ASC) published its formal order in the Federal Register reflecting a July 29th vote in favor of extending the North Dakota commercial real estate temporary appraisal waiver for an additional one year period, subject to specified terms and conditions.

The extension comes after a letter filed by North Dakota to the ASC seeking the extension, despite opposition from the North Dakota Appraiser Board. The letter claims there has been minimal improvement to the original problem of appraiser scarcity across the state. The State Appraisal Board contended that assertion, and emphasized that the required collaborative discussions were slow in coming about.

The ASC determined that appraisal scarcity is continuing to impact turnaround times on appraisal services tied to commercial real estate transactions. Additionally, the ASC acknowledged the difficult circumstances and need for regulatory flexibilities in light of the COVID-19 pandemic, and voted 6-1- for the extension.

To read the full summary of the Appraisal Subcommittee waiver review, click here.