My 1007 Test

[timd354]

So why would a mentor give a trainee a test, of material the mentor did not teach, if the purpose of the test was to see how much the trainee had learned?

.

Presenting a problem that you did not teach to the student is an effective method of teaching as that makes the student learn to think for themselves and to seek out the answers for themselves. There is plenty of time to correct the students's work once he or she has taken a shot at solving the problem without the instructor's guidance. Simply providing the answer to every question without first expecting the student to try to figure it out on their own really is not nearly as effective.

From the limited information we have, it sounds like the OP may have an effective mentor.

 

[Dublin ohio]

From the limited information we have, it sounds like the OP may have an effective mentor.

Depends on what you mean by effective. I do believe from some of the OP's previous posts. Op's mentor is also OP's spouse. IMHO. It appears that in the majority of the OP's posts. The OP already knows the answer. Forum troll.

 

[timd354]

Depends on what you mean by effective. I do believe from some of the OP's previous posts. Op's mentor is also OP's spouse. IMHO. It appears that in the majority of the OP's posts. The OP already knows the answer. Forum troll.

Maybe...I was just basing my coments on this thread alone.

 

[hastalavista]

Doing a test 1007 for my supervisor to gauge how I'm coming along.

Test. Client orders a 1007 standalone to comply with USPAP only.

Me coming here is probably cheating but hey, so are calculators and books.

1) Starting at the beginning. I'm under the impression this is an appraisal report or restricted. So I included the USPAP addendum and checked restricted report (taking liberties to only 1 client in this test) I did exposure time too.

2) I have intended user, use and client. (just wrote my own in on blank page) I wrote my own Scope of Work: "This report is for an opinion of market rent relating to the rights to occupy and use space for a specific period of time (Leased fee interest). The opinion of monthly market rent is $x. The appraiser did not physically inspect the property from the interior, exterior or in person in any way. The appraiser performed everything from their desk. No field visit was performed. The appraiser believes the data sources used in this report are accurate to conclude credible assignment results." I have next all my data sources used. legal desc/APN, map etc. (the hypothetical subject is a pending listing pulled from MLS)

3) This is where my main question comes in. Since I'm thinking this standalone has to adhere to USPAP standards 2. I have to state my market value definition and its source. I can not for the life of me find a definition of market value for rent and a source. So am I allowed to copy paste market value from USPAP and modify it and as my source say it from USPAP and modified to fit market value of rent? USPAP market value has in it "passing of title from seller to buyer" this does not apply.

Along the lines of this question, is everyone citing their source for market value definition for 1004's? USPAP says state definition and its source.

If your issue is finding a definition of market rent, that's easily solved.
You are correct that a stand-alone market-rent opinion is an appraisal. The reporting format (appraisal report or restricted report) I'll leave up to the engagement agreement/intended use.
Depending on the reporting format, that will direct the level of information that needs to be communicated.

When I do a stand-alone rent survey, in addition to describing all the characteristics of the subject (legal, physical, etc., etc.) a market analysis of the rental market is necessary. Describe the subject, how it fits within the rental market, who the likely renters are (I just did a rental analysis on a higher-end custom home... that rental pool is different from, say, an older tract home), what is happening with the rental market, etc., etc.

A credible market rent (stand alone) appraisal is not that much different than a market value appraisal. Where I see deficiencies is the report does not adequately describe the rental market and how the subject fits within that market.

My 2-cents.

 

[DWiley]

Not questioning you. I believe you. But in this day and age with lawyer speak. Where did the appraiser ever cite the source?

Just like on the FNMA form has check box for h&b use doesn’t mean it fulfills USPAP.

USPAP says cite the source. It’s common sense that source is FNMA. But USPAP doesn’t say use common sense.

Here is the ASB's FAQ I referenced in my earlier response. This can be found on page 253 of the 2018-2019 USPAP publication:

 

[Carnivore]

This is a little off topic but i think its germane to this discussion.

First any Trainee, civilian or Appraiser who comes here and ask a question or is looking for guidance is a good thing. Let me restate my point a little differently;

If I have an appraisal problem to solve that seems fundamental, I won't hesitate to ask for help at this forum even though I run the risk of having all kinds of arrows/spears stuck in me from members. We all at times try to take a short cut in search of an answer simply because Time is of the Essence in regards to the appraisal delivery date.

Point #2 - This could be its own thread. The current pre-Licensing process sucks. Its designed to allow any licensed appraiser to be a Sponsor/trainer! Seriously!
So I have considerable amount of experience as a Flight and Classroom Flight Instructor from when I was in the Army. I can assure you not everyone is capable of being a supervisor. Just as every experienced pilot is not capable of being an academic or flight line Instructor. If you want to know if i was good at it? From the Student pilot perspective it depends on how thick their skin is...I was a Hard -azz in the Actual Flight Instructor mode...I was much kinder and understanding in a classroom academic setting.

Well I am done pontificating...I am irritable right now because an assignment I completed a month ago has come back alive with a different Intended user but essentially that's all that has changed because the SOW is exactly the same. Detail: It was a USDA and now they want the intended user changed to FHA. FTR USDA SOW is the same as FHA. How is that possible; because of you read the current USDA Appraisal Requirements it States that 4000.1 is the Guideline/Requirement. So what am I actually whining about! Simple I ask the AMC to see if the Client would let me add FHA/HUD as an intended user back then! All I got was Crickets from them. So I know what to do.

I apologize if I have offended anyone. I am having a Senior moment! LOL

 

[glenn walker]

Did you consult with your in laws before you posted what I am or am not?

You better check with them and see if you just stepped into something you will need their help with.

..

Marion no need for legal advice USPAP is not a law- But it may be helpful for your career to actually learn something about USPAP--that way you can actually teach it instead of just giving opinions. To become a Board (AQB) Certified USPAP Instructor you must complete the steps listed below:

(1) Apply online to the AQB Certified USPAP Instructor Program;
(2) Upon notification of the application’s approval, register for the ICC;
(3) Attend the entire ICC and successfully complete the examination; and
(4) After attending the entire ICC and passing the examination, complete and sign a USPAP Instructor Performance and a Confidentiality Agreement and submit these documents to Foundation staff.

Good Luck : And when you get that certificate I will be the first to give you kudo's !

 

[hastalavista]

I repeat what I said: That's a new low.

A poster asks a question regarding a appraisal process that a lot of appraisers ask about. Check any of my posts on this matter and I've said the same thing, consistently: Most appraisers (or wanna be appraisers), in my experience, when asked for a stand-alone rent survey, report it incorrectly. So, I answered that question; maybe the 15th or 20th time in the last 5 years on this forum.

Your comment was uncalled for. You insult every appraiser who offered advice on the matter. You have a problem with what I suggested? Call me out on it. But no, you called me out for providing advice.
So, yeah: It is low, Marion. And you should know it.

 

[Addie]

I am guessing you found that on-line. First of all that is not sufficient. Second, what year is that from? Third, if you ever get into non-lender work you will want to use AI publications as they are the most accepted in the industry and in higher courts the most accepted. Does your mentor have the 6th Edition of The Dictionary of Real Estate Appraisal?

I bought the Kindle version of this last night. 8th edition 2013. So do not use this? So I need to use AI publications? Can you point me to what I need as I'm still scratching my head where the heck the correct and accepted definition is and the source. If you can help that would be greatly appreciated. A link is all I need.

 

[Addie]

There is a big world beyond FNMA and many times that source is not FNMA. I am going to guess I have used more than five definitions of value and less than ten in my career.



I am guessing you found that on-line. First of all that is not sufficient. Second, what year is that from? Third, if you ever get into non-lender work you will want to use AI publications as they are the most accepted in the industry and in higher courts the most accepted. Does your mentor have the 6th Edition of The Dictionary of Real Estate Appraisal?

Think I found what you are talking about. Is this what I need?

https://www.appraisalinstitute.org/the-dictionary-of-real-estate-appraisal-6th-edition/