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Old 03-02-2009, 09:36 AM
samfrank samfrank is offline
 
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Default Disclosure of fees in appraisals

USPAP requires that the "disclosure of fees, commissions, or things of value connected to the procurement of an assignment must appear in the certification and in the transmittal letter in which conclusions are stated."

Do you think many appraisers are doing this for the annual fees and per assignment fees they pay to AMC'S and lenders?
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Old 03-02-2009, 09:47 AM
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Peter LeQuire Peter LeQuire is offline
 
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I know at least one who does.
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Old 03-02-2009, 09:50 AM
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Pamela Crowley (Florida) Pamela Crowley (Florida) is offline
 
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"My standard fee for this appraisal in the open market place is $350. The appraisal management company that ordered this appraisal was paid $200 in order to procure this appraisal assignment."
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Old 03-02-2009, 10:41 AM
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Mike Kennedy Mike Kennedy is offline
 
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Unless an Appraiser cuts an actual check and sends it to a Client or Client's Order Originator (of any type) - accepting a Negotiated Fee is not payment to secure an order.
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Old 03-02-2009, 10:48 AM
samfrank samfrank is offline
 
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Default Disclosure of fees

where does USPAP say that?
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Old 03-02-2009, 11:00 AM
leelansford leelansford is offline
 
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Quote:
Originally Posted by Peter LeQuire, IFA View Post
I know at least one who does.

There will soon very likely be a 2nd such state.

Stay tuned.
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Old 03-02-2009, 11:14 AM
leelansford leelansford is offline
 
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Quote:
Originally Posted by samfrank View Post
where does USPAP say that?
The OP is quoting from lines 237-239 in the "Management" section of the ETHICS RULE (USPAP).
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Old 03-02-2009, 11:25 AM
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Howard Klahr Howard Klahr is offline
 
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In accordance with the agreement between the majority of AMCs and Appraisers, the Appraiser does not pay a fee for the procurement of an assignment. The appraiser in fact accepts an assignment based on a pre-negotiated fee. Therefore, no disclosure is required under current regulations.

As Lee noted, several states are in the process of reviewing this issue and might impose new regulations, but currently I am not aware of any.
  #9  
Old 03-02-2009, 11:30 AM
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Pamela Crowley (Florida) Pamela Crowley (Florida) is offline
 
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OK, how about this one:

"My standard fee for this appraisal in the open market place is $350. The appraisal management company that ordered this appraisal was discounted $200 in order to procure this appraisal assignment."
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Old 03-02-2009, 11:38 AM
panappr panappr is offline
 
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Quote:
Originally Posted by Pamela Crowley (Florida) View Post
OK, how about this one:

"My standard fee for this appraisal in the open market place is $350. The appraisal management company that ordered this appraisal was discounted $200 in order to procure this appraisal assignment."
First of all, I heard that base fees for some of the larger AMCs went up to $400.00 - $425.00 after the 1st of the year. But this was to cover their own expenses, so don't get excited.
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