Disclosing the appraisal fee in the report as per NJ AMC law?

[bnmappraisal]

Andrew, in your example above, does the $412 represent the fee paid to the appraisER or is that the total fee for the appraisAL?

 

[bnmappraisal]

People ask me sometimes how many jobs I do a day, and when I tell them it sometimes happens that I inspect 3-4-5, they're like WOW, at 500-600 a pop, that's a lot of money, that's an awesome gig. To which I explain that first, it takes me awhile to write those 3-4-5 reports, and second, that 500-600 doesn't all go to me, not even close. And they're like, oh **** we didn't know that...

I used to get asked that fairly regularly when I was doing a lot more assignments with larger AMCs and used to get similar reactions (my bolds above)

I don't get that question too often anymore, but I work with either smaller AMCs, direct lenders or private/non lending individuals.

I do remember the last time I was asked at an inspection (around last Nov/Dec). It was an FHA property for a small AMC. The guy brought up fees. I said I won't disclose my exact fee, but my client is paying me my fee I set for an FHA property. He said, "Well, I'm paying $525. I hope you're getting a good portion of that!" I said, "well, I am getting about 80% of it" He said, "That's good to hear since you're doing all the work"

 

[andrew81]

Andrew, in your example above, does the $412 represent the fee paid to the appraisER or is that the total fee for the appraisAL?

it represents the fee paid to the appraisER. it is an illinois requirement

An independent appraiser by employment or contract for a specific assignment, the appraiser shall prominently display the appraisal fee received from the appraisal management company in the certification as follows: "The compensation for this appraisal assignment is $_____."