Section 987.67 Of Article 3.1. Veterans’ Farm And Home Purchase Act Of 1974 From California Military And Veterans Code >> Division 4. >> Chapter 6. >> Article 3.1.
987.67
. (a) Except as set forth in regulations adopted by the
department pursuant to Section 987.93 with respect to cooperative
dwelling units in lieu of, or in addition to, the provisions of this
section, before the purchase of any property by the department there
shall be filed with the department (1) an appraisement of the market
value of the property by an employee or an authorized agent of the
department, (2) an appraisement of the market value of the property
by either the Federal Housing Administration or the Veteran's
Administration, and in addition there may be filed with the
department an appraisement of the market value of the property by an
authorized appraiser of a banking corporation formed under the laws
of this state or of a national banking association having a place of
business in this state, or (3) an appraisement of the market value of
the property by an appraiser licensed or certified in this state.
Each appraisement shall be certified by the maker thereof. The
certification shall state that it is made in good faith, and that the
valuation is honestly determined and represents the bona fide
opinion of the maker.
(b) The department shall establish guidelines to ensure greater
participation of state-licensed or state-certified real estate
appraisers and shall establish an outreach program to effectively
disseminate information concerning the participation to professional
appraisal associations or trade groups.