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New scam?

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Pam

Thread Starter
Junior Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Washington
This is a new scam to me, and I'm wondering if any of you have heard of it. A licensed/certified appraiser "leases" his/her name and license number to one or more unlicensed people. If questions come in regarding the quality of the report, the licensed/certified appraiser just says, "I didn't do that report."
 

Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
This sounds intriguing. I’m always looking for ways to expand my business and would like to get
in on the ground floor so to speak......I’m gonna lurk until the USPAP pups weigh in on this one.
I can see it now in the want ads......APPRAISER LICENSE FOR LEASE. Short or long term
rentals available. Open to subletting with plausible deniability.

:)

The Bucks Ranch Rocks
 

BenLuby

Senior Member
Joined
May 28, 2002
Professional Status
Certified Residential Appraiser
State
Georgia
Leases? My question is this. If he is selling his signature, then, even if he never saw the property, he is still, I believe, liable for it. The only other option is to say he never gave them permission to use his signature, in which case they are now guilty of fraud, and on what is possibly a federally transacted loan, that could be considered a no-no. Either way, somebody break out the barbeque sauce, cause somebody's tail is sitting on the grill.
 

Head Surfer

Administrator
Staff member
Founder
Moderator
Joined
Jan 4, 2002
Professional Status
Retired Appraiser
State
Florida
:idea: Gee, instead of letting my license expire I could have just leased it out!

Maybe we could start a license exchange right here on the forum. Maybe a forum to post your license and the price you want to lease it. :lol: :lol: :lol:
 

graindart

Junior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Montana
great.........yet another new category on Ebay.........
 

Wally Jones

Senior Member
Joined
Jan 23, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Ooh! Ooh! Then I can lease my driver's license to those drunks who've had them taken away. Or I can lease some Doctor's license and open up my own practice. Or I can lease my voter registration card to all my illegal alien friends so we can have multiple votes for my candidate......oh, wait, I'm in Florida.........been there - done that. :mrgreen:
 

Non Sequitur

Elite Member
Supporting Member
Joined
Feb 14, 2002
Professional Status
Certified Residential Appraiser
State
Louisiana
Lease a NAME & licence? How does that work? Like this maybe.

Entering The Whitney National bank on Canal Street our intrepid hero makes his pitch. "Hi, my name is Ignatius J. Reilly. I'm a real estate appraiser. Will you give me some work?"

The bank president, Mr. Oz, recognizing talent like only a bank president can, jumps at the offer. "Oh yes Mr. Reilly. Here's three assignments, call me when your finished." Ignatius skips happily out of the bank into the evening rain. Having an umbrella would show a lack of theology and geometry, so he and the three assignments got soaking wet.

Ignatius realized that calling Mr. Oz the very next morning may raise questions, so he waited until lunch time. "Mr. Oz I have your three appraisals. Meet me under the clock at the D.H. Holmes department store." When Mr. Oz arrives the hand off takes place without a flaw. Mr Oz hurries back to his office with the elation that he just received three appraisals in record time. "Wow, this Reilly fellow is certainly something".

Back at the bank sitting in his large office with a perfect view of the Hibernia building Mr. Oz notices something odd. All three appraisals are signed by Don Quixote, Louisiana certified appraiser, license no. ABC-123. Hmm, oh well nobody's perfect. Just as long as no one pulls back the curtain I'll be O.K.
 

Larry Lyke

Senior Member
Joined
Feb 2, 2002
Why should I lease your license.

It's easier to steal your name and license number and just do a few bad appraisals under that name and move on to the next license.

My disclaimer is that I am not responsibile for having suggested this idea, even though I did create it! And, I'll turn state's evidence for a minimal fee equal to a standard fee for each bad appraisal done against my license.
 

Pam

Thread Starter
Junior Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Washington
I really wasn't trying to be amusing. It was a serious question, but I apparently didn't communicate it well.

Let's try again:

A lender receives 2 appraisals, ostensibly from the same appraiser. The review appraiser wants to call the appraiser to ask a couple of questions about the report. Like so many appraisals, the appraiser's phone number is no where to be found on the report. The review appraiser looks up the appraiser on the ASC national registry. When the appraiser is questioned about the reports, he responds that he did not do the reports and doesn't know who did.

Is the appraiser an innocent victim of identity theft? If so, cutting him off would harm the victim and would only slow the thief down --- the thief would be back in business as soon as found another appraiser's identity to co-opt.

On the other hand, if the appraiser is "leasing" his identity, he deserves to be cut off, not only by the lender who discovers his little arrangement, but to have his license revoked.

The question is: How does one tell one scenario from the other? Has anyone else heard of this scam? Does anyone have any suggestions for detecting this fraud? How does one find out who actually performed the "appraisals"?
 
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