On December 22, 2021, NAR’s Real Property Valuation Committee and leadership from NAR’s Fair Housing Policy Committee participated in a listening session with the Biden Administration’s Interagency Task Force on Property Appraisal and Valuation Equity (PAVE). The PAVE Task Force was created in June of 2021 to address discrimination in the appraisal and homebuying process and includes leadership and staff from 15 federal agencies.
NAR members heard from representatives of the Task Force and provided feedback on issues related to the appraisal reconsideration of value process, diversity in the appraisal industry, to include appraiser education and outreach, as well as appraisal policy, guidance, and regulations. The PAVE Task Force is expected to issue a report of its findings in February 2022. NAR staff stressed the value in continued engagement with REALTORS® and industry professionals, especially appraisers, as the Task Force moves forward in assessing and developing recommendations related to the current property valuation framework.