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Oklahoma Appraisal Board

Oklahoma Real Estate Appraiser Board came into existence in the year 1990 following the Oklahoma Certified Real Estate Appraisers Act passed by the legislature. The act was in response to the guidelines of the federal government, which made it necessary for each state to have its own agency for licensure and certification of real estate appraisers. Only appraisers licensed thus, would be able to participate in real estate transactions as defined in Title XI of Financial Institutions Reforms, Recovery, and Enforcement Act (FIRREA) of 1989.

Oklahoma Real Estate Appraisal Board: An Overview

The Oklahoma Real Estate Appraiser Board was established as an independent identity under the umbrella of Oklahoma Insurance Department. The board has seven members who are appointed by the Governor for a period of five years. Four out of seven members of the board are real estate appraisers, while one each is from commercial banking industry, general public and real estate sales industry. The Insurance Commissioner acts as the ex-officio Chairperson of Oklahoma Appraisal Board. The board also has a Vice-Chairperson, who is elected by the members from among themselves.

Real Estate Appraisal Board Oklahoma: Their Services

The law of the state has vested the Oklahoma Real Estate Appraisal Board with a number of powers in order to help it achieve its objectives. The board can make rules and regulations to enforce the act in its true spirit. It can also define the requirements for licensure in education, experience and testing, taking into account the recommendations of Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council. Moreover, the board has exclusive rights to approve or disapprove applications for licensure and issue licenses. The requirements for continuing education by a licensed appraisers are also defined by the board. This is not all. The board is also the administrative authority to receive reports of misconduct by any of Oklahoma real estate appraisers and take appropriate actions against those found guilty after a thorough investigation. The board's disciplinary action may range from censure to suspension to even revocation of licenses or certificates.

The real estate appraisers are one of the most important elements for growth of real estate in Oklahoma. There are several businesses that require appraisal services of a real property. Banking, home insurance, home mortgage loans , buying and selling of real property etc are some of the businesses that compulsorily need the services of qualified and credible real estate appraisers. The functions of Oklahoma Appraiser Board ensure the supply of such real estate appraisers in the state.

For more information about the OK Appraisal Board, visit its homepage.

Oklahoma Real Estate Appraiser Board
Oklahoma Insurance Department
2401 N.W. 23rd Street, Suite 28
Oklahoma City, OK 73107

Mailing Address:
Oklahoma Insurance Department
P.O. Box 53408
Oklahoma City, OK 73152-3408

Phone: (405)521-6636
Fax: (405)522-6909
Email: reab@insurance.state.ok.us
Homepage: http://www.ok.gov/oid/Regulated_Entities/Real_Estate_Appraiser_Board_(REAB)/


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