Commercial report by Certified Residential

[dredd78]

When, if ever, is it permissable for a Certified Residential Appraiser to complete a commercial report? I've heard different opinions regarding the circumstances, but would like a definative answer. If possible what would be the required guidelines and would it be permissable for lending institutions.

Maybe Brian would like to comment!

Thanks,

Dennis Redd

 

[William K]

Never in the state of Illinois if you are Residential Certified. ( unless signed by a supervisory Certified General Appraiser)

If you are not licensed you can appraise whatever you want , because we do not have mandatory licensing.

FHA says they will accept an appraisal on a mixed use property from a Residential Certified appraiser however , Illinois supersedes this and says as a Illinois Certified Residential appraiser you can not appraise a Commercial property , mixed use or not.

I'm sure Brian will respond. From hearing him talk in the past I know it seems to be one of his pet peeves, because of how much more work it is to be a Certified General.

 

[leelansford]

When, if ever, is it permissable for a Certified Residential Appraiser to complete a commercial report? I've heard different opinions regarding the circumstances, but would like a definative answer. If possible what would be the required guidelines and would it be permissable for lending institutions.

Maybe Brian would like to comment!

Thanks,

Dennis Redd

It's permissible when the signing Supervisor Appraiser is a Certified General Appraiser.

Otherwise...what you ask is never permitted.

 

[Brian Weaver]

There is no guideline...states issue ONLY law. Guidelines are from Fannie Mae. Standards are from USPAP.
Please, everyone, start checking the IDFPR website for the Act & Rules. The definition of what a CR can do is under "definitions" at the beginning of the Act.

It took me forever to clean our site up and make it easy to find stuff.

 

[dredd78]

Thanks for the information. Really wasn't looking for myself, but was in a question posed to me by a lender in regards to another matter. Now I can set the record straight.

Thanks again

 

[athome77]

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=022504580HArt%2E+1&ActID=1368&ChapAct=225%26nbsp%3BILCS%26nbsp%3B458%2F&ChapterID=24&ChapterName=PROFESSIONS+AND+OCCUPATIONS&SectionID=24059&SeqStart=1000&SeqEnd=2300&ActName=Real+Estate+Appraiser+Licensing+Act+of+2002%2E




"State certified residential real estate appraiser" means an appraiser who holds a license of this classification under this Act and such classification applies to the appraisal of one to 4 units of residential real property without regard to transaction value or complexity, but with restrictions as to the scope of practice in a federally related transaction in accordance with Title XI, the provisions of USPAP, criteria established by the AQB, and further defined by rule."