New York State Licensed Appraisal Question

[Shawangunk RE]

We have a licensed (not certified) appraiser who just completed an appraisal and the value came in over $1,000,000. I know the limit for licensed appraisers is $1,000,000. Can a certified supervisory appraiser sign off on this appraisal? Or does the certified appraiser have to sign off as the appraiser, with the licensed appraiser disclosed as providing significant assistance?

 

[ucbruin]

I believe it's the loan amount not the appraised value....

 

[Shawangunk RE]

I believe it's the loan amount not the appraised value....

Its a refi, so I have no idea what the loan amount is. Purchased 7/2022 for $981,500. Added an inground pool.

 

[Carnivore]

So this limit may be because of your State Licensing. Also, the Last I knew NY use to be a Voluntary State. That means you may or may not have to be licensed for non fFRT's

I have not checked recently for NC but. I do know we did indeed did have dollar limits on Licenced at one time. I actually think this is related to Federally Regulated Lenders. Requirement.

Great Question!

 

[Shawangunk RE]

So this limit may be because of your State Licensing. Also, the Last I knew NY use to be a Voluntary State. That means you may or may not have to be licensed for non fFRT's

I have not checked recently for NC but. I do know we did indeed did have dollar limits on Licenced at one time. I actually think this is related to Federally Regulated Lenders. Requirement.

Great Question!

Its a refinance for a local credit union. The NYS transaction limit for licensed appraisers is still $1,000,000. I need to know if a supervisory appraiser can sign off on this appraisal or not. Cant find the info anywhere on the states website. AARGH

 

[Mark K]

Its a refinance for a local credit union. The NYS transaction limit for licensed appraisers is still $1,000,000. I need to know if a supervisory appraiser can sign off on this appraisal or not. Cant find the info anywhere on the states website. AARGH

Don't know why you can't. After all, a CG can sign off on a commercial property appraised by a LR or CR, at least in this state. Otherwise, there's no way to get a CG license.

Any CR signing off, like in your case, is accepting full liability for the report, the same as the LR that completed the report.

 

[Carnivore]

NCUA Adopts Two Rules on Appraisals | NAFCU

At its April 16, 2020 meeting, the NCUA Board adopted two rules relative to the requirement to obtain an appraisal on certain real-estate related transactions. First, the Board amended the appraisal rule to increase the threshold where a formal appraisal may be required from $250,000 to $400,000.

www.nafcu.org

I can't find anything....

 

[Terrel L. Shields]

Its a refinance for a local credit union.

Then it is regulated by the IAG and yes, I believe that a CR could sign off and whether on the left or right, contact the client and see what they want and tell that SL to get their ****ed CR and don't waste time about it. There is no excuse for even going for the SL license in the first place.

 

[Carnivore]

Just checked NC
I can't hardly believe we still have a 132 Licensed Residential Appraisers Stupid Is as Stupid Does


APPRAISER COUNT(As of March 31, 2023)
Trainees 797
Licensed Residential 132
Certified Residential 1,864
Certified General 1,377
Total Number 4,170

 

[Dublin ohio]

I can't hardly believe we still have a 132 Licensed Residential Appraisers Stupid Is as Stupid Does

License shamer