Licensed appraisers, what can they do?

[paragonrea]

It is my understanding that licensed appraisers can perform appraisal work on property valued up to 1 million, is this correct? If this is correct what is the best process for turning the person in for doing appraisals on properties of 2.3 mill, 2.8 mill and now one for 3.8 mill.

 

[Chris Colston]

It is my understanding that licensed appraisers can perform appraisal work on property valued up to 1 million, is this correct? If this is correct what is the best process for turning the person in for doing appraisals on properties of 2.3 mill, 2.8 mill and now one for 3.8 mill.

What was the mortgage amount? I believe it is "transaction" amount not value. Are you sure a certified appraiser didn't supervise?

 

[paragonrea]

Just got a copy of the report, it is signed FL St. Cert. Res. REA RHxxx. A copy of his license is attached and it does state Licensed not Certified.

It is my understanding that the threshold is property value up to 1 million due to a level of competency. The mortgage amount would not be restrictive in determining the level of required competency. I tried to speak with DBPR about his and nobody knows what the cutoff is. I actually turned the previous two reports over to FREC and they sent a letter that nothing was wrong. His previous reports grossly overstated the value; however, I did not pursue those avenues due to the amount of work that would be required on my part to nail the person.. This report has a value of 3.8 million when it was listed in the MLS until 4/30/07 with a list price of 2.9million and is currently under contract for 3.2 million. The report has many holes in it, I am just trying to stop him from appraising by giving the State the easiest means to sanction him. Maybe I am going about this the wrong way, should I just turn the report over to the state for the over inflated value and gross mistakes?

 

[Chris Colston]

Well RH is not Certified. I think you can report this to the State just based on incorrect license reporting. You can go onto the web site for DPBR and there is a place where you can file a complaint.

BTW..I removed the license number for privacy reasons. Do not post it again.

 

[The Warrior Monk]

It is my understanding that licensed appraisers can perform appraisal work on property valued up to 1 million, is this correct? If this is correct what is the best process for turning the person in for doing appraisals on properties of 2.3 mill, 2.8 mill and now one for 3.8 mill.

The key word is not property, but rather transaction value.

"The AQB requirements define the scope of work for this classification as the appraisal of noncomplex one to four residential units having a transaction value less than $1,000,000 and complex one to four residential units having a transaction value less than $250,000."

The transaction value is not the property value. That makes sense, otherwise it would link an appraiser's acceptance of certain assignments to the results. For most of what is dealt with in residential appraising, transaction value it is either the loan amount or the sales price.

So a licensed appraiser could appraise a multimillion-dollar property if the loan amount is less than $1,000,000. However, the catch is that it also must be noncomplex...that typically isn't the case for properties in that price range, though it is a possibility in certain areas.​

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[Michael Tipton]

Title XI- FIRREA Act of 1989 states the following regarding FRT:

SEC. 1113. TRANSACTIONS REQUIRING THE SERVICES OF A STATE CERTIFIED APPRAISER
[12 U.S.C. 3342]​

In determining whether an appraisal in connection with a federally related transaction shall be performed
by a State certified appraiser, an agency or instrumentality under this title shall consider whether
transactions, either individually or collectively, are of sufficient financial or public policy importance to the
United States that an individual who performs an appraisal in connection with such transactions should
be a State certified appraiser, except that—
(1) a State certified appraiser shall be required for all federally related transactions having a value of
$1,000,000 or more; and
(2) 1-to-4 unit, single family residential appraisals may be performed by State licensed appraisers unless
the size and complexity requires a State certified appraiser.​

SEC. 1114. TRANSACTIONS REQUIRING THE SERVICES OF A STATE LICENSED APPRAISER
[12 U.S.C. 3343]
All federally related transactions not requiring the services of a State certified appraiser shall be​

performed by either a State certified or licensed appraiser.


Banking regulations state the following:

2231.0.9.3 Appraisals Performed by
Certified or Licensed Appraisers
In summary, a banking organization is required
to use a certified appraiser for (1) all federally
related transactions over $1 million, (2) nonresidential
federally related transactions of more
than $250,000, and (3) complex residential federally
related transactions of more than
$250,000. A banking organization may use
either a state-certified or a state-licensed
appraiser for noncomplex residential federally​

related transactions that are under $1 million.

 

[Wendy]

I'd say that signing as a cert is a problem.

 

[Chris Colston]

I'd say that signing as a cert is a problem.

I'd say signing as a cert is THE problem.

And before Janet jumps in "with is the FLORIDA SECTION now an open forum", David as a moderator can go and post anywhere. Only when he post in FLORIDA he will be watched :Eyecrazy:. Just to make sure he doesn't post anything that is contrary to Florida Law. The FLORIDA SECTION is still closed to "outsiders".

 

[paragonrea]

The misstating of the certification level is only a minor problem with the report; it did seem to be the easiest way to have the appraiser reprimanded though. It seems that additional measures must be undertaken. What is the best way to file a report with the state and how much documentation is required to be included with the filing? The last time I did this the wise individuals in the enforcement division said that nothing was done incorrectly even with the information that I provided. In this instance it is the third report of this individual that I have seen and they ALL grossly overstate value. This may seem like a witch hunt but I am tired of hearing, but so and so can get that value, why can’t you. m: Just leanred that the loan amount on this transaction is approximately 2.4 million.

Chris, thank you for removing the number from the previous post, you beat me to editing it.

 

[The Warrior Monk]

I'd say signing as a cert is THE problem.

And before Janet jumps in "with is the FLORIDA SECTION now an open forum", David as a moderator can go and post anywhere. Only when he post in FLORIDA he will be watched :Eyecrazy:. Just to make sure he doesn't post anything that is contrary to Florida Law. The FLORIDA SECTION is still closed to "outsiders".

We already have Floridians poking around in our private subforum.

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Seriously, in my post, I should have noted that is the minimum. FL law may be more restrictive.