Terrel L. Shields
Elite Member
- Joined
- May 2, 2002
- Professional Status
- Certified General Appraiser
- State
- Arkansas
In Valuation Insights & Perspectives magazine, John Ross Viewpoint article argues that
licensing and certification “undermined the professionalism of the appraisal profession.”
Then, curiously in my mind he endorses the additional hours & degree requirements the
AQB is considering on the one hand but argues appraisers should be willing to do “appraiser
price opinions” on the other.
He says there is no place for “Broker Price Opinions” but expects appraisers to be able
duplicate that service. I am assuming he wishes us to duplicate if for the same money - i.e.-
$35 to $100 a pop. Thank you Mr. Ross, but no thanks. Every effort so far that I see to create
some shortcut appraisal has ended with the appraiser doing more for less with an enormous
increase in liability.
One only has to peruse the legal rulings to see that courts generally side with appraisals they
see that not only complies with USPAP but almost invariably want the 3 approaches to value
in a complete document. They will side with an interior inspection over a drive-by and are
far more likely to decree a drive by as non conforming and inadequate.
The 2055 led to 2055 with interior inspection, cost approach, income approach, rent
schedules, etc.
What this profession needs is clear. First, a statue of limitations. No one should be able to
challenge an appraiser for work over 2 years old, certainly not past our record keeping
requirement.
Secondly, no one should be allowed to submit a complaint to the State Board except the
client or the intended user, except the board itself initiate the action. Again, the boards
should be forbid to investigate anything beyond the record keeping requirement. If they
cannot do it in 5 years, then they don’t need to be considering it.
But most importantly, each state needs to put Statement 9 into law. Namely, the borrower
or home owner is explicitly denied the right to sue an appraiser whose client has named
neither the home owner or the borrower as an intended user. ONLY the client or the
intended users should be allowed to dispute an appraisal in court.
That will help more than all the Micky Mouse Appraiser Price Opinion forms you can
invent. IF Mr. Ross wants the profession to be considered “professional” then we need to be
submitting better appraisal products not cheap imitations of appraisal products. I would
rather argue that these bottom feeders pressuring us for near free services should not be
required to get an appraisal, but instead become bonded or insured, so if they make a
decision that results in a loss in the event of foreclosure, let the insurance company pay up
the difference. It won’t take the insurance business long to be appraising these properties
themselves, I’ll Bet!!
licensing and certification “undermined the professionalism of the appraisal profession.”
Then, curiously in my mind he endorses the additional hours & degree requirements the
AQB is considering on the one hand but argues appraisers should be willing to do “appraiser
price opinions” on the other.
He says there is no place for “Broker Price Opinions” but expects appraisers to be able
duplicate that service. I am assuming he wishes us to duplicate if for the same money - i.e.-
$35 to $100 a pop. Thank you Mr. Ross, but no thanks. Every effort so far that I see to create
some shortcut appraisal has ended with the appraiser doing more for less with an enormous
increase in liability.
One only has to peruse the legal rulings to see that courts generally side with appraisals they
see that not only complies with USPAP but almost invariably want the 3 approaches to value
in a complete document. They will side with an interior inspection over a drive-by and are
far more likely to decree a drive by as non conforming and inadequate.
The 2055 led to 2055 with interior inspection, cost approach, income approach, rent
schedules, etc.
What this profession needs is clear. First, a statue of limitations. No one should be able to
challenge an appraiser for work over 2 years old, certainly not past our record keeping
requirement.
Secondly, no one should be allowed to submit a complaint to the State Board except the
client or the intended user, except the board itself initiate the action. Again, the boards
should be forbid to investigate anything beyond the record keeping requirement. If they
cannot do it in 5 years, then they don’t need to be considering it.
But most importantly, each state needs to put Statement 9 into law. Namely, the borrower
or home owner is explicitly denied the right to sue an appraiser whose client has named
neither the home owner or the borrower as an intended user. ONLY the client or the
intended users should be allowed to dispute an appraisal in court.
That will help more than all the Micky Mouse Appraiser Price Opinion forms you can
invent. IF Mr. Ross wants the profession to be considered “professional” then we need to be
submitting better appraisal products not cheap imitations of appraisal products. I would
rather argue that these bottom feeders pressuring us for near free services should not be
required to get an appraisal, but instead become bonded or insured, so if they make a
decision that results in a loss in the event of foreclosure, let the insurance company pay up
the difference. It won’t take the insurance business long to be appraising these properties
themselves, I’ll Bet!!
