LARA Review

[David Sawyer]

Back in 2009, a LARA review was performed on one of my appraisals. The reveiwer was a state certified that lived over 150 miles from the subject. I filed a complaint with the Florida Real Estate Appraisal Board.

The appraiser stated during the investigative interview with the that he had not been to Fort Myers (subject's location) in over 5 years.

The discipline actions per the FREAB per their Dec 6 & 7, 2010 general mintues:

Allegations of the Administrative Complaints: Violation of Florida Statutes 475.624(15) by having failed to exercise reasonable diligence in developing an appraisal report; Violation of Florida Statutes475.629 by failing to retain records for at least five years of any contracts engaging the appraiser’s services, appraisal reports, and supporting data assembled and formulated by the appraiser in preparing appraisal reports; violating Florida Statutes 475.624(4) by violating any of the provisions of Chapter 475 or any lawful order or rule made or issued under the provisions of Chapter 455 or 475. After discussion, Member xxxxx moved to accept the proposed Settlement Agreement. The motion failed for lack of a second.
Ms. xxxx moved to reject the proposed Settlement Agreement. Mr. xxxx seconded. Upon vote, the motion carried unanimously.Mr. xxxx proposed a counter offer which Ms. xxxxx seconded. Upon vote, the motion carried unanimously to offer the following:​

Action taken: Proposed Settlement Agreement rejected; $655.05 costs; $1500 fine; 1 two-day
FREAB meeting, 30 hours education to include 15 hours of appraisal review; 120 days to
complete the education; 30 days to pay fees.​

Moral of the story: Take action appraisers on LARA reviews!

 

[Kevin Mc]

 

[Lloyd Bonafide]

Action taken: Proposed Settlement Agreement rejected; $655.05 costs; $1500 fine; 1 two-day
FREAB meeting, 30 hours education to include 15 hours of appraisal review; 120 days to
complete the education; 30 days to pay fees.​

Moral of the story: Take action appraisers on LARA reviews!

I don't know if LARA "reviews" are still being done today, but that's one appraiser that won't be taking any more of those assignments.

 

[David Sawyer]

I don't know if LARA "reviews" are still being done today, but that's one appraiser that won't be taking any more of those assignments.

I say it might be a little difficult getting 30 hrs of classroom in 120 days starting Dec 7, 2010 since the renewal period just ended on Nov 30, 2010. It probably would be little difficult finding a 15 hour appraisal review course unless one wants to travel a bit!

 

[Michigan CG]

I say it might be a little difficult getting 30 hrs of classroom in 120 days starting Dec 7, 2010 since the renewal period just ended on Nov 30, 2010. It probably would be little difficult finding a 15 hour appraisal review course unless one wants to travel a bit!

Taking courses on Wacker Drive might be the only way and the hotel room rates down there will abuse a Mastercard pretty good.

 

[Lobo Fan]

What about these desktop reconciiations Clear Capital and PCV Murcor are pimping around? They want an appraiser to reconcile BPOs and appraisals done on properties out of statefrom the reconcilor. I think they are just trying to sell a cheap product and rent your E&O for $35 a crack.

 

[David Sawyer]

What about these desktop reconciiations Clear Capital and PCV Murcor are pimping around? They want an appraiser to reconcile BPOs and appraisals done on properties out of statefrom the reconcilor. I think they are just trying to sell a cheap product and rent your E&O for $35 a crack.

My only hope is that all appraisers read the penalties and the sanctions that the FREAB imposed on these inferior products whereas some appraisers are whoring their services out for peanut fees!

Wow, what this cost this poor appraiser! Hate to see what his E & O fees are next time he renews his insurance coverage.

 

[Non Sequitur]

I don't know if LARA "reviews" are still being done today, but that's one appraiser that won't be taking any more of those assignments.

Yep, LS is still pumping them out. I'm looking at one now and they're still clueless. An appraiser from Houston completed a LARA on a property in wetlands central down the street from me. Never mind the site needed 900 truck loads (yes, nine hundred) of fill to be buildable or several other facts that were missed, LS was able to bill the borrower mucho dinero which is the real reason for the LARA.

 

[Metamorphic]

My only hope is that all appraisers read the penalties and the sanctions that the FREAB imposed on these inferior products whereas some appraisers are whoring their services out for peanut fees!

Wow, what this cost this poor appraiser! Hate to see what his E & O fees are next time he renews his insurance coverage.

I wonder if BoA is going let him expense the penalties and edu costs.

 

[hastalavista]

I wonder if BoA is going let him expense the penalties and edu costs.

I wonder if BoA is going to keep him as an employee since he's been fined and sanctioned. :mellow: