Appraisal Practice Without A License

[glenn walker]

It's legal in California ( non-mandatory state ) unless it's a federally regulated transaction for a loan. Less liability because you can't lose a license if you don't have one : ) LOL

 

[Digger88]

TN does not allow for an agent to do a CMA or BPO and be paid for it. The only time they are allowed is when they are providing a service in order to get a potential listing.

thats funny! you cant get paid $50 for doing a BPO but you can get a listing that will pay you thousands!!! LOL. sounds like something only a bureaucrat would come up with.

 

[Restrain]

Doing a real estate appraisal in Texas requires a license, period. See the post about the appraiser in Texas who lost his license and then did appraisals for non-FRTs. Court sent him up the river.

 

[TN Pro]

TN does not allow for an agent to do a CMA or BPO and be paid for it. The only time they are allowed is when they are providing a service in order to get a potential listing.

Do you know where i can find the laws/rules on this. This too was my understanding, and i was having an issue with an agent who was doing BPO's and getting paid for them. I, like you thought they could do that only if they were trying to get a listing.

 

[Slappy]

It is pretty shady in the "hard money" loan world. I was sent an an appraisal for a 3.5 mil grossly inflated property by a client of mine. The report was completed by an architect (no appraiser lic.) and signed off in the supervisory field by an AG employed by the architectural firm. Wow!

 

[Eli]

CU?

If I had enough money and a real good lawyer?

It's a fine line in TN. Idk. A LICENSED real estate agent can do things that an appraiser can't do and a LICENSED appraiser can do appraisals. They segregate it. They put it on what you call it. But, that's a delimma for some if they are crossing that line of appraisal practice and are not licensed to perform appraisals in TN.

 

[Elliott]

Doin' appraisals without a license is the way to do it. Make the money, pack up the car and move on when the heat gets on ya. If they can't catch you and can't touch ya. Its the only way to go. Its almost like being a shyster lawyer. It's the way I'll do it next time.

 

[Slappy]

To follow up, a group of investors (rich guys with money to lend) can make up their own rules if the loans are held by them and outside of Fannie Mae. I do some hard money deals as it almost like the way I used to appraise - just get the value right. My pool of investors wants a legitimate appraisal by a licensed appraiser. Some hard money lenders just need a clown to "sign off" on their deal. Once you get out of the regulated market, it is pretty crazy.

 

[Tru Red]

What? You need a license to be an appraiser?

 

[Eli]

What? You need a license to be an appraiser?

Do you work in TN? Lol