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Are RE Brokers insured to appraise?

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Doug Ellwood

Thread Starter
Freshman Member
Joined
Jan 15, 2002
Perhaps a stupid question this early in the morning, but someone told me yesterday that a local RE Broker is insured to appraise. A lender in our area uses him for their mortgage work. He is not a member of our institute, just a licenced Broker. :?: :?:
 

airphoto

Senior Member
Joined
Jan 15, 2002
Professional Status
Retired Appraiser
State
Pennsylvania
Dug,

The broker with whom I have my sales license does not include my appraisal activities under her/our E&O for sales. It can be done .. I have been covered under another RE Broker/Appraiser's E&O for any appraisals I sub-contract for under ( :lol: ) her ..

Case of whatever one has declared as their insurable activities with their E&O carrier ..
 

Red Blumenstock

Sophomore Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Florida
Doug,

This depends a lot on the State Regulations. In PA, for instance, no one except a Certified Appraiser may perform an appraisal. In 1998, the state allowed Brokers who were licensed as such in 1996 to become "Broker/Appraisers" (grandfathered) but they are not allowed to do any Federally Related Work. That window was then forever closed and there will be no more Broker/Apprasiers.

The insurance depends on the Insurance Companies. One that I know of requires a Broker to have Real Estate Broker E & O, which covers Review/consulting Work. In that company, an Appraiser's E & O does not cover consulting or review and that appraiser must then have a Real Estate Broker's E & O.

Its best to check carefully what is covered and what is not, with the insuracne Company.
 

Will Granger

Sophomore Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Doug,
In North Carolina, broker's E & O will cover appraisal activities, but the state will not let a broker appraise. A broker's opinion of value is the only legal thing they can do and that must be for a buyer or seller and not a third party.
How do you measure a house that's got 10 feet of snow piled up around it?
:roll:
 

airphoto

Senior Member
Joined
Jan 15, 2002
Professional Status
Retired Appraiser
State
Pennsylvania
measure by roofline?
 

Will Granger

Sophomore Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
How do you get around a house with all the snow? Interior measurements? Do you have snowshoes and a 5 ft. spike that holds the end of the tape out from a corner? Just curious. We had snow here one time.
 

airphoto

Senior Member
Joined
Jan 15, 2002
Professional Status
Retired Appraiser
State
Pennsylvania
Wil,

I prefer the roller wheel to a tape for the very reason that the handle extends to 6' so that I don't have to get behind bushes, etc., or climb over the hill of snow that fell from the eaves ..

Have been known to carry cross-country skis with me, depending on recency of snow fall ..

Have removable short riding chaps .. velcro holdings .. that extend my shoes up to my knees for walking in loose, deeper snow. Easily removed when done, and keeps snow from getting into my sneakers ..

On occasion have resorted to inside measurements (with the wheel) when the exterior is difficult .. eg., hillside, etc. ..

Finally, been known to count the concrete blocks in the foundation, or the number of divisions in board & batten, or the number of 4' pieces of T1-11 .. whatever removes the exterior from the feline ..
 

Will Granger

Sophomore Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Thank you. That was informative. I always want to know about other people's problems/opportunities. Have a :D day!!!!!!!
 

Dave Smith

Senior Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Wisconsin
Snow shoes work well when dealing with deep snow. Not that we have any snow right now. Also, if dealing with deep snow get a pair of gaiters. They velcro around the ankle, from the shoe top about to the knee. Keeps the snow out of the shoes. About $20.00. Worth it.
 
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