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Cma's For A Fee

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Carnivore

Elite Member
Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Julio,

The reporterette left out North Carolina as a NO NO state w/caveat. If a broker does the CMA for a potential listing they can charge for it. Otherwise they can not do this legaly in NC. I have heard that brokers are doing them here in NC for mortgages. If I catch one I wIll take them to there ethics committee, report them to the stae RE estate commission and turn them into the Attorney general for fraud.

Now if I could just catch one!

If your and appraiser in NC and you have proof, let me know via e-mail.
 

Austin

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Virginia
I don’t know what the law is in Virginia on this but a few months ago a Realtor buddy came by my office and said he was thinking about going for an appraiser's license and wanted me to help him get into the business. I asked him why? He said because he and a lot of other Realtors were making good money doing broker price opions, BPO's, and he wanted to expand on that income.
We had a long discussion on this subject a while back and as I remember Frank G. in FLA posted a quote from the Realtor Code of Ethics, rule 11 I believe, that said this was against the Realtor code of ethics.
Can any USPAP or Realtor Code of Ethics police clarify this? Not that it will change anything, but just to satisify my inquiring mind. :)
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
It is not legal to do a CMA for a fee in my state unless you are licensed as an appraiser. BPOs also cross the line but little is done to enforce the regulations.
 
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