Creating CMA's

Discussion in 'General Appraisal Discussion' started by Peanut24, Jun 30, 2011.

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  1. Peanut24

    Peanut24 New Member

    0
    Jun 17, 2006
    Professional Status:
    Licensed Appraiser
    State:
    California
    I recently started working with a real estate agent friend of mine who needed an assistant. I am in the process of getting my real estate license and thought a little experience working with him would be good. One of my duties is to create CMA's for his clients to advise on list prices and offering prices. When I do this I am not wearing my appraisal hat, but I saw an email he sent to his client with the CMA attached stating that his assistant/licensed appraiser put together the CMA for them. I don't want people to think the CMA is an appraisal. I understand he said this to give the buyer/seller more confidence in the suggested value but I can see how this would backfire on me. Any suggestions on what can be done so there is no confusion besides not revealing my appraisal position. Maybe a statement in the CMA?
     
  2. CANative

    CANative Elite Member

    32
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Tell him not to do that. This one is on you.

    This is a good example "An appraiser: must no knowingly permit an employee or other person to communicate a misleading or fraudulent report;" which is found in the Conduct section of the Ethics rule. He's trying to add credibility by mis-using your license.
     
  3. Restrain

    Restrain Elite Member

    1
    Jan 22, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    Have him add a disclaimer that this is done for listing information only and is not intended to be an appraisal.
     
  4. CANative

    CANative Elite Member

    32
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    IMO you can't have your cake and eat it too.
     
  5. leelansford

    leelansford Elite Member

    15
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois

    One suggestion: No, no, no, no (as to having ANY reference to your appraiser status)!

    Remove any reference to your appraiser status!
     
  6. JRS at OBX

    JRS at OBX Elite Member

    2
    Jun 13, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Put your foot down. If I receive a CMA from a licensed appraiser and I don't like it...the appraisal board probably won't like it either.
     
  7. Urbanz

    Urbanz Junior Member

    0
    Apr 18, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Texas
    I am also an Appraiser and a Realtor. It is fairly simple. When I send a CMA, I put on every one that I am disclosing that I am a licensed appraiser too, and that THIS CMA is simply a comparative market analysis, and is NOT an appraisal. That is all you need to cover yourself with USPAP. HOWEVER, your friend should not make any reference to you at all, the fact you are an appraiser should come form you with your own disclaimers.

    IMHO, you are only one step away from him telling them you are an appraiser, and next the unhappy buyer sues you and says that your friend claimed you were an appraiser, and they think it was an appraisal, etc.
     
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