What is the role of the Arizona Department of Financial Institutions (DFI) in appraisal?

The Arizona Department of Financial Institutions (DFI) plays a crucial role in the regulation and oversight of the appraisal profession within the state. Its primary responsibility involves establishing and enforcing the regulatory framework that governs appraisers, ensuring they adhere to state and federal laws, ethical standards, and professional practices.

This regulatory oversight helps uphold the integrity of property appraisals, which are essential in real estate transactions, mortgage lending, and taxation. By monitoring appraisal practices and licensing, DFI ensures that appraisers are qualified and compliant with the relevant regulations, ultimately protecting consumers and contributing to a stable real estate market.

Providing appraisal training, evaluating property values directly, and enforcing investment regulations fall outside the core responsibilities of the DFI concerning appraisers. The focus of the DFI aligns with maintaining standards and the quality of appraisal services rather than offering training or conducting valuations directly.