MLS copyright protocol

[ZZGAMAZZ]

I can't remember the source but I'm pretty sure that an appraiser is required to describe each comparable property--presumably to supplement data reported in the SCA grid. Always seemed to me that the most efficient way to do so was to copy/paste the MLS marketing narrative verbatim rather than merely to paraphrase it--for the benefit of the intended users including the client underwriter. That the narratives are prone to puffery is a given because at heart they are efforts to promote the property.

The CRMLS help line advisesd me that I cannot, or should not, do so. However, CRMLS compliance just advised me in writiing that:

Thank you for your email and for your patience.
Per CRMLS Rules and Policies, copying and reproducing the Property Description/Public Remarks fields of listings for use in appraisal and comparable reports is permitted.
Here is a link for more information regarding the CRMLS Rules and Policies: https://go.crmls.org/crmls-rules-and-policies/
Please let us know if there is anything else we may assist you with.
CRMLS Compliance Dept

p.s. Wish I knew how to use Python to copy/paste the comparable narratives into an ACI addendum. Also wish I knew how to exclude those narratives from the Review Master that inevitably identifies dozens of inappropriate words/terms.

 

[Overimprovement]

I never "described" a comparable in any report. That's what pictures and the data in the grid are for. I did elaborate on differences in the SCA grid.

 

[ZZGAMAZZ]

I never "described" a comparable in any report. That's what pictures and the data in the grid are for. I did elaborate on differences in the SCA grid.

Seems that I am wrong because ChatGPT responded to my inquiry about the existence and source for the standard I'm thinking about as follows:

USPAP itself does not contain a bright-line rule stating that each comparable property must be individually described in the report. USPAP is generally principles-based. It requires the appraiser to summarize the information analyzed and provide sufficient information for the intended users to understand the report, but it does not prescribe a specific narrative description for every comparable.

USPAP Standards Rule 2
USPAP requires the report to contain sufficient information to enable intended users to understand the appraisal and not be misleading. If comparable sales are central to the value conclusion, the appraiser must communicate enough information about each comparable to allow the user to understand why it was selected and how it relates to the subject. This often results in a description of each comparable, even though USPAP does not explicitly use those words.

Fannie Mae / GSE Requirements
For mortgage lending assignments, Fannie Mae requires the appraiser to analyze and discuss the comparable sales selected. The Selling Guide specifically requires the appraiser to explain why comparables were chosen, discuss competing neighborhoods when applicable, and identify relevant characteristics affecting comparability.

In practical terms, the URAR form itself contains a description of each comparable through:

• Address
• Proximity to subject
• Sale date
• Site size
• GLA
• Room count
• Condition
• Quality
• Age
• Amenities
• Adjustments

Appraisal Institute Guidance
The Appraisal Institute's guidance on comparable selection states that the appraiser must analyze each comparable and consider its location, size, condition, and other relevant characteristics. Again, not a mandate for a separate narrative paragraph, but certainly a requirement that each comparable be identified and analyzed.

Where I Think You May Have Seen the Requirement​

The language you are remembering may actually come from:

• certain state regulations governing appraisal reports.
• Older narrative appraisal report formats.
• MAI narrative report standards.
• Litigation appraisal practice.
• IRS appraisal requirements for charitable contributions and estate valuations.

For example, a Texas appraisal regulation expressly requires sales information to include a "complete description of the Property" for each comparable sale.

USPAP requires enough information for intended users to understand the analysis. Fannie Mae requires explanation and support for comparable selection. Consequently, each comparable must be sufficiently identified and described to support the credibility of the appraisal. What USPAP does not require is a separate narrative paragraph for each sale saying, "Comparable 1 is a ranch-style dwelling built in 1985..." unless the scope of work or reporting format calls for it.​

 

[Tom D]

The paperless century with a ton of minutia. The minutia really help paperless time savings, hahahahahahah. The more you give, the more they will find a question to ask. Can't wait for the 3.6 novel to be stipped.

 

[ZZGAMAZZ]

The paperless century with a ton of minutia. The minutia really help paperless time savings, hahahahahahah. The more you give, the more they will find a question to ask. Can't wait for the 3.6 novel to be stipped.

What I dont understand is how the most critical adjustment factor, "Condition," can be conveyed without documentation of the comparables' respective, current physical status [which also affects extraction, etc] when the primary [ONLY] source, of MLS, isnt disclosed or revealed [although the corredponding MLS photos sometimes tell a different story than the narrative suggests]... although that line of reasoning also causes me to wonder how TF an AVM can be credible absent quality or condition factors...

 

[Dublin ohio]

Paralysis due to over analysis

 

[ZZGAMAZZ]

Paralysis due to over analysis

Just a trite phrase for laziness... although sure would be nice to be compensated by the quality of our work [or even paid by the hour]........

 

[Mike Ault]

Just a trite phrase for laziness... although sure would be nice to be compensated by the quality of our work [or even paid by the hour]........

Here is what you were asking for – documentation of the MLS descriptions for each comparable in a format that is suitable for inclusion as an appraisal exhibit. My relocation clients like it. I created this report format in FLEXMLS however if you get familiar with the "report writer" in your MLS it may have similar abilities.

 

[Dublin ohio]

Just a trite phrase for laziness... although sure would be nice to be compensated by the quality of our work [or even paid by the hour]........

Actually, lazy is just copying and pasting someone else's comments without vetting them. I still see listings with "pride of ownership" or "Mrs. clean lives here" as well as flowery descriptions that really don't reflect actual condition.

 

[Mike Ault]

Actually, lazy is just copying and pasting someone else's comments without vetting them. I still see listings with "pride of ownership" or "Mrs. clean lives here" as well as flowery descriptions that really don't reflect actual condition.

And the fact that you copy and paste someone else's comments into your report does not imply that you form your opinion of value without properly vetting them. They are included to help the reader of the report understand how each particular comparable was exposed to the market. I always include this disclaimer when attaching that particular exhibit to one of my appraisals. This additional data is provided for informational purposes only and has not been verified by the appraiser.