Certified Residential vs Certified General

[Dale Floyd]

The ASA offers a “Going Concern” specialty designation. It would be extremely difficult to argue that a CR with the ASA,GC designations to be lacking in qualifications for anything pertaining to housing that’s income producing.

https://www.appraisers.org/credentials/real-property/going-concern-specialty

 

[djd09]

just keep massaging that cap rate...

 

[Fernando]

just keep massaging that cap rate...

Did someone say massage.
Anyway since I'm here, I was one of those geezers who could have been grandfathered in and easily gotten the CG.
Instead I decided to get the CR. I didn't like doing commercials and going into massage parlors.

 

[Zoe]

If you can find some sales, a GRM would be sweet. Remember you apply market based rents on a market value appraisal. You don't necessarily use contract rents over the past couple of years income/expense statements. You might could do both income cap and GRM.

If you are doing fee simple property rights, you use market rent estimate. If your doing leased fee or leasehold property interests, it changes the protocol.

You would need 2 years income/expense statements on subject, assuming it has been Airbnb for 2 years.

In some ways, it would be similar to doing a condo in Florida that is like a time share condo or just a rental condo on the beach.

CR can do it unless it is over like $1 million dollars. It may be higher than that as long as it is residential.

 

[George Hatch]

Did someone say massage.
Anyway since I'm here, I was one of those geezers who could have been grandfathered in and easily gotten the CG.
Instead I decided to get the CR. I didn't like doing commercials and going into massage parlors.

Nobody in our state was grandfathered. I know a veteran commercial appraiser who was actually doing the work, and he failed the state exam 3 times.

 

[Dale Floyd]

The national CG test was nearly identical to the CR exam in 1991. The only real difference was the appraisal log. No educational differences between the two.

I think that’s what the reference was. There’s many CG’s out there who aren’t qualified to do anything more than residential work in TN. And some of their stuff, under review, is elementary at best. Competency should be the rule, just as it was intended.

 

[sputnam]

But your referencing different property rights. Business and real property rights are different.

A CR or CG could do it with help from CPA on business value.

Think about it. This stuff goes to IRS and tax code is involved on "going concern". IRS has tax rules relative to "going concern" and "business value".

Which part of...."it depends" did you not understand?