Real estate appraisal rules changing

By Marcie Geffner -

Real estate appraisals have been dogged by allegations of undue influence and outright fraud throughout much of the past decade. But new financial reform legislation aims to resolve many of the seemingly intractable issues.

The Dodd-Frank Wall Street Reform and Consumer Protection Act should result in more reliable appraisals, according to Ken Chitester, a spokesman for the Appraisal Institute in Chicago.

"The new law will protect consumers by encouraging the use of highly trained and competent real estate appraisers with much-needed resources for oversight and enforcement," he says.

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