Frequently Asked Questions
CONSUMERS:
Q. Is Oklahoma a voluntary or mandatory state?
A. Oklahoma is characterized as a voluntary state; meaning that a real estate appraiser credential is not required to perform an appraisal, unless that appraisal is involved in a federally related transaction or a real estate related financial transaction of an agency, instrumentality, or federally recognized entity covered by FIRREA of 1989. As a practical matter, however, virtually all residential mortgage transactions are performed by credentialed appraisers as a lender requirement.
Q. Where can I obtain a complaint form to file a complaint against a real estate appraiser and/or an Appraisal Management Company?
A. Grievance Forms are available on our website for both appraisers and Appraisal Management Companies. For appraisers, please click on the following link: Appraiser Grievance Form. For Appraisal Management Companies, please click on the following link: Appraisal Management Company Grievance Form. You may also contact the Real Estate Appraiser Board Staff with any questions you may have or to request a Grievance Form at (405) 522-2475.
Q. Who licenses mortgage brokers, supervised lenders and mortgage loan originators?
A. Mortgage brokers, supervised lenders, and mortgage loan originators are regulated by the Department of Consumer Credit.
Q. Who regulates abstractors?
A. Abstractors are under the jurisdiction of the Oklahoma Abstractors Board www.abstract.ok.gov.
Q. Who regulates home inspectors?
A. Home inspectors are regulated by the Construction Industries Board.
Q. Who do I contact regarding ad valorem taxes?
A. The County Assessor and/or County Treasurer of the county wherein the property is located.
Q. Where can I get information on how to become an appraiser?
A. Please refer to the following link (located on the main page of our website):
INTERESTED IN BECOMING AN APPRAISER? Click Here
Or simply call our office at (405) 521-6636 and request an information packet.
APPRAISERS:
Q. Why does the ASC show me as expired when I paid my license before it was due?
A. The National Registry is not based on real-time data. This agency sends a data set to the ASC (Appraisal Subcommittee – www.asc.gov) on a weekly basis. It is best to pay your licensing fee immediately upon receipt of the Fee Statement or Renewal Application to avoid complications.
Q. Why does the ASC have a different expiration date than the one that I was issued?
A. The Board issues credentials for three years, but you only pay licensing fees for one year at a time. When you pay your annual licensing fees, which includes your National Registry fee, the National Registry is updated, and the ASC advances your registry expiration date by one (1) year. They do not utilize the expiration date that is issued to you by this office.
Q. Why did HUD/FHA remove me from their rosters?
A. HUD and FHA retrieve their information from the Appraisal Subcommittee (please refer to previous questions). Please be aware that this office has no interface with HUD or FHA; if you have additional questions concerning those agencies, please refer all inquiries to the appropriate entity.
Q. Where do I go to get help with customary and reasonable fees?
A. The appropriate agency to receive your concern about a creditor’s compliance with the Truth in Lending Act (TILA), including the creditor or the creditor’s agent paying an appraiser a customary and reasonable fee, is the agency that enforces TILA for the creditor. If the agent or Appraisal Management Company (AMC) is affiliated with a federally-regulated creditor, the appropriate agency to receive complaints against the AMC is the affiliated creditor’s federal regulator. If the agent (or AMC) is not affiliated with a federally-regulated creditor, the appropriate agency to receive the complaint is the Federal Trade Commission. There are
two websites that you can use to find the federal regulator for a creditor:
Federal Reserve System – National Information Center website: http://www.ffiec.gov/nicpubweb/nicweb/nichome.aspx
FDIC at the “Bank Find” website: http://www2.fdic.gov/idasp/main_bankfind.asp
Questions regarding the appropriate interpretation of the Truth in Lending Act, including those on customary and reasonable fees, should be directed to the Federal Reserve Board at http://www.federalreserve.gov/feedback.cfm.
Q. Does your office accept credit cards?
A. No, our office only accepts payment in the form of a check or money order.
*If you would like to see an FAQ added to our website, please feel free to give us a call at (405) 521-6636. Our office hours are Monday through Friday, 8 a.m. to 5 p.m. (excludes national holidays)
