Purpose of the Report
The audit was performed to determine if there is a continued need for the board and if its termination date should be extended. The board is set to sunset on June 30, 2026, and will have one year from that date to conclude its administrative operations.
Report Conclusions
The board served the public’s interest by conducting meetings in an effective manner, actively amending regulations, and effectively licensing real estate appraisers and registering appraisal management companies. The audit also concluded that one board position had been vacant for 56 months as of January 2025, statute changes may be necessary to address federal oversight findings, and board related investigations were not consistently conducted in a timely manner.
In accordance with AS 08.03.010(c)(20), the board is scheduled to terminate on June 30, 2026. We recommend that the legislature extend the board’s termination date six years to June 30, 2032, which is two years less than the maximum allowed by statute. The extension recommendation takes into consideration the audit findings and the fact that the board is also subject to federal oversight.
Findings and Recommendations
1. Division of Corporations, Business and Professional Licensing’s (DCBPL) director should continue to improve administrative support to the Board of Certified Real Estate Appraisers (board).
2. DCBPL’s director, in consultation with the board, should reduce fees to address the surplus.