Indiana Allows Brokers To Appraise?

[3 Putt]

Prior to FIRREA and appraisal licensing, the only people allowed to appraise real estate were RE brokers.

 

[Mark K]

Licensed brokers can appraise but by law they must follow USPAP. I doubt that your new friend followed USPAP since most brokers have only a passing idea what the term means.

The law was written that way so that some small podunk counties with no appraisers and with very limited population (and fewer branches on the family trees) can have Jim Bob, the local broker/insurance salesman/barber, legally perform appraisals, usually for divorces, estates, etc.

Some brokers are very good at valuing property. They mostly don't know or care about USPAP but I know a few that I'd rather have appraise my house than some licensed appraisers.

If she's claiming status as an "honorary appaiser" she is an actual idiot, no honorary about it.

Its only been a few years, maybe five, since the law required local judges to have a licensed appraiser on a court-appointed panel of appraisers. Used to be 'three freeholders' in the county. Generally three local old farmers, buddies of the judge.

 

[Sid Holderly]

Very few brokers take USPAP classes. We had one in our (NAIFA Class) last round of CE. I think this is the latest code. A CMA in the course of RE work is not an appraisal. Putting a price on a property without a chance of a listing most appraisers consider an appraisal (many of the BPO's), however BPO's specifically not defined as appraisals. The Real Estate Commission keeps sidestepping to make the larger body of Real Estate agents happy.

PART OF IN CODE
(d) Nothing about this article shall be construed to limit the right of licensed real estate brokers to conduct appraisals of real
estate except to the extent that federal law requires that they be conducted by individuals who hold Indiana licensed residential
appraiser licenses, Indiana certified residential appraiser licenses, or Indiana certified general appraiser licenses issued by the
board. (Indiana Real Estate Commission; 876 IAC 3-2-3; filed Sep 24, 1992, 9:00 a.m.: 16 IR 736; filed Dec 8, 1993, 4:00 p.m.:
17 IR 771; errata filed Jan 21, 1994, 3:00 p.m.: 17 IR 1101; filed Dec 24, 1997, 11:00 a.m.: 21 IR 1757; readopted filed May 29,
2001, 10:00 a.m.: 24 IR 3238; readopted filed Jul 19, 2007, 1:16 p.m.: 20070808-IR-876070068RFA; readopted filed Nov 25,
2013, 9:21 a.m.: 20131225-IR-876130283RFA)

 

[Elliott]

3 Putt said, Prior to FIRREA and appraisal licensing, the only people allowed to appraise real estate were RE brokers.

Oregon had appraisal licensing prior to FIRREA, but I imagine the statement is mostly true for most other states.
Regarding real estate brokers appraising and being held to USPAP, sounds nice in theory, but so how does one hold them to USPAP if they are
not licensed though a state board? Anyone know of a case where a real estate broker has been taken to task?

 

[Sid Holderly]

RE brokers are licensed through the same Professional Licensing Agency of the State as Appraisers, it is just 2 different sections of code.
The RE licensing board could take action against brokers for the USPAP violation, just as the Appraisal licensing Board takes actions against appraisers.
However the way it is likely the Attorney General would take action as he is generally involved in any licensing action of any licensed profession.
The USPAP class does count as CE for RE agents.

 

[timd354]

You make that sound bad

It sounds bad because it is bad....it is a very bad place filled with stealers fans with funny looking family trees...lol

 

[bnmappraisal]

the few remaining either fade away or end up in Pittsburgh.

I may have taken some of my pre licensing classes with some of them (although they may have been there for a different reason)