BPO classes available March, April & on

[Lee Lansford]

Y...


§ 93E-1-12 was revised by adding the following provision:
“(e) No appraiser shall be disciplined for completing an appraisal that includes a reduced scope of work or reporting level as long as it is appropriate for the intended use and is performed in accordance with the Uniform Standards of Professional Practice.”



I'm understanding the above as nothing more, and nothing less, than that the appraiser's work must conform with the USPAP.

What's new about this?

 

[Bob Ipock]

I am surely not the expert...not at all. Mel Black would be the fellow that knows.

If you are NOT a broker it will take you over 2 years to become one.

This BPO law says only BROKERS can perform these BPO's......NOT provisional brokers. However ...you could do them for free. 93A-83 3

The restrictions of 93A-83 F outline the restrictions.

I suppose 93E-1-12 was added to allow restricted, low scope of work appraisals......as an alternative to the BPO.

To me this is dangerous ground. Plenty of slope to slip on.

 

[Bob Ipock]

Y...


§ 93E-1-12 was revised by adding the following provision:
“(e) No appraiser shall be disciplined for completing an appraisal that includes a reduced scope of work or reporting level as long as it is appropriate for the intended use and is performed in accordance with the Uniform Standards of Professional Practice.”



I'm understanding the above as nothing more, and nothing less, than that the appraiser's work must conform with the USPAP.

What's new about this?

It is new because it was added to the NC state statutes on July 12th 2012. There have been issues in the past where the board did not understand scope of work and limited or reduced scope of work.

The NCAB outlawed "drive-by appraisals" until they were forced to rescind that order.

Even with the BPO an appraiser must comply with certain parts of USPAP including the Ethics Rule.

 

[Thomas Holding]

So in effect, an appraiser cannot perform a BPO? If you are a certified appraiser then any work you do will automatically be considered an appraisal and not a BPO or CMA?

 

[Bob Ipock]

No, I am not saying that I am saying it is not worth it to me and there are too many pitfalls.

Also, like I said....you can't do one as a broker until you are a full broker rather than a provisional broker.

For me...I would rather try to pick up more appraisal work than to become a BPO man. But hey....thats' just me. It is also unlikely an appraiser could compete (on price) with a broker.

 

[Thomas Holding]

I agree. It would be very hard to compete on price, and I must admit that I have no idea what brokers get for BPO work.

My point was that for some residential appraisers (who are also full brokers) in areas with little other work available, they might could use an AVM tool to produce a BPO relatively quickly and at least could add an additional revenue stream to their business during lean times. It might be a crappy option, but at least it is an option.

 

[Bob Ipock]

A little more mud in the water.


(7c) "Comparative market analysis" and "broker price opinion" mean means the analysis of sales of similar recently sold properties in order to derive an indication of the probable sales price of a particular property by a licensed real estate broker.an estimate prepared by a licensed real estate broker that details the probable selling price or leasing price of a particular parcel of or interest in property and provides a varying level of detail about the property's condition, market, and neighborhood, and information on comparable properties, but does not include an automated valuation model.

 

[Bob Ipock]

http://cumbieandtrull.com/billsblog/2012/10/22/broker-price-opinions-be-careful-what-you-wish-for/

 

[Thomas Holding]

Good catch on the AVM rule. After seeing some of the fees posted in the links you provided, I can see why it's just not worth the time to do BPOs, even for a broker having to comply with their new rules. I spoke with a broker friend of mine after church yesterday and they said that they wouldn't think about performing a BPO for a fee now due to the hassle involved. Their heads would explode if they knew what appraisers had to do just to comply with USPAP.