- Apr 29, 2002
- Professional Status
- Certified Residential Appraiser
- New York
Can someone define TRANSACTION VALUE please? In New York State Appraisal Regs, Section 225.63(d) according to regulation Y states that “All transactions of $1,000,000 or more” require a state certified appraiser (no appraiser assistants or licensed appraisers). Does TRANSACTION VALUE = loan amount or estimated market value? And if the appraisal assignment does not disclose a loan amount or an estimated value, how would a licensed appraiser (not certified) know if they should accept the assignment or not? The value cannot be determined until after an appraisal is completed. If the appraiser’s opinion of value is $950,000 then he or she is OK but if they arrive at a value of $1.1M they are violating state regs and should not have accepted the assignment? This is a very grey area that needs to be better clarified. Any guidance you can provide would be appreciated. At least define TRANSACTION VALUE. I did email the state and am waiting for a reply.