6 unit under 250k state licensed

[DJT1973]

Can a state licensed appraiser in Michigan appraise a 6 unit that's under 250k?

 

[The Bob]

A better question: Will my E&O cover me if I get sued for an appraisal of a commercial property.

 

[BRCJR]

Licensees in this category may appraise real property involving any non-federally related transactions. They may also appraise federally related transactions involving non-complex 1 to 4 family residential properties with transaction values up to $1,000,000; complex 1 to 4 family residential property with values less than $250,000, and all other types of property with values less than $250,000. They may assist a certified residential or certified general appraiser in appraising residential properties over $1,000,000 or complex or non-residential properties over $250,000, but they may not sign the report. Their contribution must be acknowledged pursuant to Standard 2-3 of the Uniform Standards of Professional Appraisal Practice.

Applications for the licensing exam may be filed upon completion of 150 hours of residential level prelicensure courses, including the 15-hour National USPAP Course, and 1,000 hours of documentable experience and completion of the qualifying education requirement.

The State Licensed Appraiser license application may be obtained by downloading the application from the State of Michigan Appraisers website, www.michigan.gov/appraisers.

Visit the site below for complete requirements.

AQB Criteria.

Revision Date: 05/01/19