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Old 06-30-2011, 12:49 PM
Peanut24 Peanut24 is offline
 
Join Date: Jun 2006
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Default Creating CMA's

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?
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Old 06-30-2011, 01:39 PM
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CANative CANative is offline
 
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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.
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Old 06-30-2011, 01:40 PM
Restrain Restrain is offline
 
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Have him add a disclaimer that this is done for listing information only and is not intended to be an appraisal.
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Old 06-30-2011, 01:43 PM
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CANative CANative is offline
 
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Quote:
Originally Posted by Restrain View Post
Have him add a disclaimer that this is done for listing information only and is not intended to be an appraisal.
IMO you can't have your cake and eat it too.
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Old 06-30-2011, 02:03 PM
leelansford leelansford is offline
 
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Quote:
Originally Posted by Peanut24 View Post
...

Any suggestions on what can be done so there is no confusion besides not revealing my appraisal position.
...

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

Remove any reference to your appraiser status!
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  #6  
Old 06-30-2011, 02:28 PM
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JRS at OBX JRS at OBX is offline
 
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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  
Old 06-30-2011, 02:38 PM
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Urbanz Urbanz is offline
 
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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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