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Dual license-Appraiser & R.E.Broker- appaisal refused??

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Brenda Friesen

Thread Starter
Sophomore Member
Joined
Jun 8, 2002
I have been approved by a lender for several years - Haven' done much work for them. Completed an easy appraisal recently - Lender asked for resume and copy of license. I have had Broker's license for 20 years and Appraiser's license since Federal Govt required it.
Lender said they no longer accept appraisals from anyone who holds Real Estate salesman or Broker's license along with the appraiser's license. Anyone else have this happen? The lender is Carteret. About 70% of the appraisers I know also have Realtor's license.
Is this becoming a problem??
 

TC

Elite Member
Gold Supporting Member
Joined
Jan 31, 2002
Professional Status
Certified Residential Appraiser
State
Pennsylvania
That came up with me about 7 years ago and I had to write a letter of explanation. I pretty much said that without being a broker I would have no access to the multi list service in my area. That seemed to do the trick.

TC
 

Judy Whitehead (Florida)

Senior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Florida
You know, it seems like I saw this not long ago.....I hold a real estate license (my husband is a broker) and it used to be required in Florida as well as in many states, but I swear I saw something about a lender not wanting someone to have a real estate license...I just can't remember when/where...Sorry...Old Lady Disease....
 

Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
I ran into a similar problem about 4 years ago. It was a relocation company and they did not like the fact that yours truly was also a broker....what happened was an appraiser across town complained to them about me....he wasn't a broker and wanted all their relo business.....they kept hammering away with questions about what % of my time was appraising and what percentage was brokerage....I finally told them to just kiss off......they couldn't understand that it's possible to be an appraiser 100% of the time and a broker/investor or whatever 20% of the time....it's called working long hours and weekends......now my resume reads B. Bucks appraiser, broker, invester, horse trader, gun runner, whiskey peddler, revolutions started, wars completed. oh yeah......and no free lookups. :)
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
I have only had lenders tell me that it would be a problem IF I were actively listing & selling (which I don't). The few I have listed in MLS are my own properties.
 

BarbaraNJ

Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
New Jersey
Brenda:

You will probably get as many answers as there are States in the Union, but here goes......

I also hold a real estate sales license. I inquired early on at the Appraiser Board about possible conflicts. Their response was that as long as I do not appraise a property that I have either listed or sold, there is no conflict.

That being said, we have--in this state--the ability to place our real estate license in "referral" status. The license is with a broker, but the licensee can only refer a lead to an active realtor or broker, and is not active in either selling or listing properties.

I did not want to give up the license, but also did not want anyone to ever infer I may have a conflict.

All this was on my own; no lender ever brought up the issue of a dual license. The existence of a sales license is shown on the resume that I supply to any client who requires one.

My suggestion is to get a written opinion from your State Board. If they will state in writing that they don't see the dual license as a conflict, then all you will have to do is give a copy to your lender/client.
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
I suspect that we may see more of this in the future when everyone begins to scramble to be Mr. Clean in lending. I've thought about it and will probably just take the fact that I have a broker’s license off the resume. It is not a conflict of interest since I don't practice brokerage any more. The client is not entitled to know every license I hold. If they did, then I would have to list my Fishing License, Small Game License, Deer Archery License, Canadian All Species Conservation Fishing License, etc.
 

jtrotta

Senior Member
Joined
Jan 16, 2002
When we originally got into the business I held both licenses and the gentleman I went to work for had every lender on his list, we were doing an extremely heavy amount of forclosure work, (was in court 2 times a week) and most Lenders required we not hold both licenses, I opted to drop my RE lincense and go forward; to date no regrets. If they want to check on you all they have to do is call your state license division to see what you hold.

Look at it this way, worst that can happen, we become computer hackers for the banks; it's a good paying job with perks; benefits; paid vacation; and a limited time work week. Down side, not having to excersise your brain at all :lol: :lol:

8)
 

Pat Butler

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
Had that problem maybe 8-10 yrs ago all the time. But recently it has never been brought up. The main issue is whether there is a conflict of interest with a particular property you are dealing with. Other than that, I would ask them WHY just having a broker's license would create a problem. They'll never come up with a good answer. And, ask them if any bank employees are licensed brokers, or licensed in any other disciplines, or involved in transactions with people or properties that are somehow related to other employees in the bank.....etc..etc. You'll find the biggest conflicts of interest occur amont lenders, not appraisers. Better yet, take it off your resume!
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
I hold both licenses....no problem either. I have done work for Chartert too!
 
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