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Our problems are bigger then we thought.

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by Carnivore, Aug 23, 2009.

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  1. Carnivore

    Carnivore Elite Member

    0
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    I dont know if NY is a mandatory state or not, but I found this article very
    interesting.

    http://copyrightlitigation.blogspot.com/2009/08/when-buying-painting-can-you-rely-on.html

    Posted under Fair Use of Copyright Law

    The plaintiff Mandarin purchased Gauguin's Paysage aux trois arbres. According to the complaint, the defendant Wildenstein had ownership interests in the painting, yet issued an expert appraisal with an inflated value, knowing that Mandarin would rely on it.

    The Supreme Court judge (in New York this is the trial level judge) tossed the case out on a pre-answer motion, finding that there was no privity between Wildenstein and Mandarin and that the appraisal contained non-actionable opinion.
     
    Last edited: Aug 23, 2009
  2. rcsone

    rcsone Senior Member

    0
    May 26, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Oklahoma
    ....maybe "unbiased" and "competent" will have a greater future value for the appraisal process for dirt and its plus..............best to all...........rs
     
  3. David Wimpelberg

    David Wimpelberg Moderator Staff Member Moderator

    77
    Mar 30, 2005
    Professional Status:
    Certified General Appraiser
    State:
    New York
    NY is not a mandatory licensing state.
     
  4. Mike Kennedy

    Mike Kennedy Elite Member

    196
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
  5. Carnivore

    Carnivore Elite Member

    0
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Sorry Mike, I missed your orignal post.
     
  6. Terrel L. Shields

    Terrel L. Shields Elite Member
    Gold Supporting Member

    Top Poster Of the Month

    466
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    Sounds to me like a court wanted to either get a PITA out of the way or make it so obvious that they would kick this can down the road.

    I know of no state that requires personal property appraisers to be certified or to adhere to USPAP. They do so voluntarily.
     
  7. Mike Kennedy

    Mike Kennedy Elite Member

    196
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    Terrel - check the other thread
     
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