8 unit property appraisal and license qualification

[glenn walker]

Narrative.....

Yes it can n=be narrative but easier using the 71A and 71B multi family forms and using a general Non-Fannie certification and then adding whatever addenda is needed. To me the worst are the PITA 5- unit buildings and by the way never buy one as there hard to get financed and thats why everyone in Felony Flats with no permits turns them into 4 units so they can find-low down buyers who say there going to live in one unit : ) LOL

 

[nauthead]

https://www.myfloridalicense.com/Ch...xactCode=1010&clientCode=6403&XACT_DEFN_ID=23



“A Certified Residential Appraiser means a person who is certified by the department as qualified to issue appraisal reports for residential real property of one to four residential units, without regard to transaction value or complexity, or real property as may be authorized by federal regulation”.



“A Certified General Appraiser means a person who is certified by the department as qualified to issue appraisal reports for any type of real property”.



It seems clear cut to me, 1-4 family max for a certified residential appraiser. They do not mention an exception for private parties. I would try contacting FREAB before moving forward.

 

[Tom D]

my state says, how can a residential appraiser determine the 'highest & best use' of a commercial property. and anything over 4 units is considered commercial financing.

 

[Tru Red]

I know in California it is: non-residential property with a transaction value up to $250,000.

I started with a commercial appraiser for 2 years but did not like the work. I still do a lot of small business appraisals and commercial work as long as it's under the limit.

 

[TMG]

Narrative.....

Yes, but how many Residential appraisers are doing Narrative reports? ...or have ever done a narrative report?

 

[Tru Red]

Yes, but how many Residential appraisers are doing Narrative reports? ...or have ever done a narrative report?

Probably not too many. But when you train the first 2 years with a commercial appraiser.....you learn quickly.

 

[glenn walker]

I know in California it is: non-residential property with a transaction value up to $250,000.

I started with a commercial appraiser for 2 years but did not like the work. I still do a lot of small business appraisals and commercial work as long as it's under the limit.

California is a whats called a Non-Manidory State which does not even require a license unless you do FRT and loan appraisals. On any FRT a Certified Residential can only do Non-Residential FRT up to $250,000.
On Private anyone can do Residential Commercial but most don't because they are not qualified or trained.
With that being said I know quite a few retired Commercial guys who now do Non-lender Commercial with no license as I know two retired MAIs who also do the same. On hear I know Greg Boyd used to do quite a few Small commercial Non-lender as he had commercial experience . Unlike California most states are mandatory States and nobody can do any appraisal without a State License. Maybe a certain person on here learned something new today as I am always available to get the facts for CALI Appraisers who do not know their own State Laws.

 

[George Hatch]

I just had a client send me an inquiry on a newly built 9-unit multi-family and it included a previous appraisal that was performed by a veteran CR.

The SC in the 71a and 71b aren't adjustment grids, price/room doesn't refer to the bedrooms and the GIM isn't the dominant unit of comparison in the SC; that's what the IA is for. And just because the property being appraised has 9 units doesn't mean you can ignore the unit mix when it comes to selecting comparables. And you gotta be mindful of what actually happens with the expenses.

Appraising 5+ multi-family is as close to appraising tract homes as we get; it's dirt simple and I can show any SFR appraiser one how to do it in a day. But that's the thing - nobody is born knowing how to do it. You have to get an explanation for what you're doing from somewhere, whether its from another appraiser or it's a written reference.

 

[mike32716]

https://www.myfloridalicense.com/Ch...xactCode=1010&clientCode=6403&XACT_DEFN_ID=23



“A Certified Residential Appraiser means a person who is certified by the department as qualified to issue appraisal reports for residential real property of one to four residential units, without regard to transaction value or complexity, or real property as may be authorized by federal regulation”.



“A Certified General Appraiser means a person who is certified by the department as qualified to issue appraisal reports for any type of real property”.



It seems clear cut to me, 1-4 family max for a certified residential appraiser. They do not mention an exception for private parties. I would try contacting FREAB before moving forward.

This has actually come up before the board. If a certified residential appraiser wants to become a general then what do they do? They are not a trainee as there is no separate trainee classification for residential versus general. They do not technically need a supervisor either. They do, however, need to show competence, and training in the area which generally means taking all the commercial courses, and advising the client of one's status as "working towards a general certification". A residential apartment would be a natural transition for a residential appraiser upon completion of the appropriate course work. Also, keep a log of all the work.

What are the requirements to become a certified general real estate appraiser in Florida?

myfloridalicense.custhelp.com

The requirements to become a registered trainee appraiser are:

• Age Requirement: Applicant must be at least 18 years of age.
• Social Security Number: You must have a Social Security Administration number to apply.
• Qualifications: Applicants must hold a valid high school diploma or its equivalent and have a valid Social Security Number.
• Pre-License Education: Must complete 300 classroom hours of approved pre-licensing education, and hold a 4 year degree.
• Experience: Applicants must have obtained experience when registered under a certified appraiser or when certified as a Residential Appraiser. That experience must consist of a minimum of 3000 hours, a minimum of 23 Summary or Self-Contained reports in a narrative format or 12 nonresidential Summery or Self-Contained reports, 135 non-narrative supportable and documented appraisal reports and obtained over a 30 month, or more, time period. All experience gained must be USPAP compliant and obtained after January 30, 1989.
• Exam: Must complete the National General Exam (unless taken and passed within the last 24 months) and the Florida Supplemental Exam.
• Out of State Applicants: Applicants moving to Florida, who have a current and active license in another state, may satisfy the education and experience requirements for the same credential in Florida by submitting a certification of license history from that state.
• Business Address: All Appraisers are required to register their business name and physical street address with the department.
• Fee: The fee is $ 351.00 which can be paid either by using our Online Services or by personal check.
  Fingerprints: An applicant must have a background check as part of the licensing process. To learn more about fingerprinting, please visit our Fingerprint FAQs.
• Application: Complete the application by clicking on the "Online Services" link or the "Printable Application" link at the bottom of the page.

 

[George Hatch]

Some CGs have gotten their ticket based off of appraising multi-family. In my state we've had CGs get licenses without ever even holding a Trainee or Residential license or cert.

The main thing for the work experience is USPAP compliance