Certified vs. Licensed

[JTip]

Mary,

Just looking at a 'Limited' appraiser designation in Michigan:

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Prior to May 2002, Limited Licensed Real Estate *Appraisers were allowed to perform appraisals for non-federally related transactions, which included real-estate related financial transactions with a transaction value of $250,000 or less.

The Real Estate Appraiser Administrative Rules were revised to prohibit this and became effective on May 21, 2002. Administrative Rule 403(1)(a) states that a limited appraiser* may not perform an appraisal for any real estate related financial transaction, not just those that are federally related.

Therefore, a limited appraiser may not perform appraisals for financing, refinancing, or exchange of real property, nor the use of real property as a security. Furthermore, Administrative Rule 403(1)(b) states that a Limited Real Estate Appraiser may not sign an appraisal report prepared for any real *estate related financial transaction.
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This title is really a glorified assistant except you cannot sign off on a report for a loan. You cannot perform ANY appraisals. That is silly. If this were eliminated, it would save millions of tax dollars....:Eyecrazy: ... I'm kidding. That does not make any sense. What is the purpose of this designation?

 

[Michigander]

Limited is a trainee license.

 

[Walter Kirk]

I have been licensed since 1992. I passed the certified test and paid the certified fee but did not have enough experience for a general certification. At that time the New Jersey legislature had not yet created the certified residential classification. When they did create the certified residential I asked to be upgraded twice but each time the state commission demanded a $100. upgrade fee. I told them to pound sand.

 

[lmichels]

My boss chose not to become a CR because she hates complex properties. As a licensed appraiser she can continue to turn down this work without taking any flack from clients. I am a CR, but have chose not to purse CG for similar reasons. The things I like most about appraising are meeting people, seeing interesting houses, driving through beautiful countryside, and only having an assignment hanging over my head for a week. My job satisfaction would completely disappear if instead I spent most of my time creating graphs and running numbers 18 different ways and sitting at a desk in an airless office. I'm not interested in commercial buildings. I'm interested in houses because people live in them and therefore they reflect personality.

 

[Mike Garrett RAA]

The term "certified" may carry a lot more weight with lenders in the future. I always recommend appraisers work to upgrade their license levels IN MY STATE.

 

[frozone]

I just recieved my Certified Residential designation after passing the test. Actually came in the mail Monday. Here in NY we dont get the results of our exam until 2-3 weeks after its taken so there is an emotional build up until you recieve it. I do feel a sense of accomplishment now that I have it.
In my parts there aren't many 1,000,000+ homes either but I know some lenders prefer Certified Appraisers over Licensed. Even know of one that requires Licensed Appraisers to have a Certified sign off as of 2008. So in the end the its up to the banks anyway and if they want Certified over Licensed its good to be prepared.

 

[hglenbetts]

Michigan Limited Appraiser

Mary,

Just looking at a 'Limited' appraiser designation in Michigan:

As a limited appraiser, I can perform all the duties my supervisor is authorized to perform, while under the direct care and supervision of that supervisor. I can not sign a report dealing with real estate financing, but can sign, with a supervisor's signature also included, any file I have created for a non financial purpose.
Every file I work on includes a statement in the addendum detailing the actions I have performed.

After logging 3000+ hours over 3.5 years as a Limited, I have made application to become Certified. Michigan is so back logged, it's been 60 days since I made application and may be another 30 before I here from the State that I've met their requirements. In Michigan you can not sit for the exam until your application has been approved.

Additionally, my supervisor has had me "review" over 100 files of other appraisers in the company, before she does a final review and sends it out. Even with that, I'm learning a lot just reading what is shared here.

 

[Michigander]

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Limited Appraiser License
Qualifying Education Exam Experience Continuing Education Scope of Practice
75 hrs, to include the 15 hour national USPAP course

no exams required no work experience required
14 hours in 3rd and successive years of licensure

Any non-federally related transactions. Must also contain supervisor's signature
Limited real estate appraisers, previously known as valuation specialists, may be the sole inspector for non-federally related transaction, but their reports must also be signed by a state licensed, certified residential or certified general appraiser. Limited real estate appraisers may assist a state licensed, certified residential or certified general appraiser in the development of a federally related appraisal, but they may not sign the report. The limited real estate appraiser should be acknowledged in the report, in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP) Standard 2-3, and the Board of Real Estate Appraisers General Rule 403(b).

The limited real estate appraiser application should be filed upon completion of 75 hours of prelicensure courses, including the 15-hour national USPAP course. To obtain the Limited Real Estate Appraiser application materials call the board office at (517) 241-9201, request the materials in writing, or download the application package from the Forms and Publications page.

 

[Debra]

Well, as for me, it's been a matter of getting the time and $ to upgrade. At the time that I got licensed, I had enough experience to get certified, but, not enough education hours. Recently, since the business has slowed down and my husband died 12/06 leaving me more time than before, I have been working on getting certified. I passed the state certification test and got an email from the Appraiser Commission yesterday with the 3 appraisals that they picked from my new experience log. So, pray that I pass the interview next month and obtain my CERTIFICATION!...THANKS.

 

[Birdman]

Debra,

I just went thru the same process. It went great. Good Luck with your upgrade.

Steve