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One more "certified residential real estate appraiser&q

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Frederick R. Ruffell

Thread Starter
Senior Member
Joined
Jan 21, 2002
Professional Status
Certified General Appraiser
State
California
Well I just received my Certified Residential License. It has been a long haul, started chasing it in late 1998, so 4 +/- years, seems longer. The last 24 months the monetary rewards have been OK. My question to some of the older (effective age, not chronological) appraisers is, should I pursue the Certified General Lic.? I have no real interest in Commercial appraising, by that I mean appraising industrial/commercial property. I do realize however the shrinking need for single family residential appraising. I love doing 2-4 unit properties and suspect I might like doing 5 and up unit properties and/or mixed use properties (e.g. barbershop/office below and residential apartments above, etc). Any suggestions, comments, or directions would be appreciated.
 

jtrotta

Senior Member
Joined
Jan 16, 2002
FRR

you just took the "General" exam, you marked the wrong box before you sat for the exam 8O :lol: :lol:


8)
 
A

Anonymous

Guest
I am a residential appraiser who took and passed the general exam. The state was supposed to issue me a certified residential license but instead sent me a reasidentia RA license. I have asked the state twice to issue the proper license but the only reply I get is a demand that I pay a fee of $100., that I already paid and that I submit a log of appraisale, that I already submitted.

I figured that If I had to pay money and jump through hoops I should just get a general license however it is impossible to get the experience hours required while working as a residential appraiser. I just vented my frustrations, good luck.
 

Joe Bannon

Freshman Member
Joined
Sep 1, 2002
As a Certified Residential Appraiser in NJ can I appraise non complex mixed use under $250,000
 

Ross (CO)

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Fred,......Congrats. CG is more course load, more time, another exam. Clearly something you are considering. Do you have a friend or associate who is a CG ? Can you take a day off from the residential grind, and get the option to ride around with the CG friend when he/she is on an assignment ? Have you observed the data they need to pull and the report writing process to follow ? I have an acquaintance who does residential and commercial and sees no reason to drop one for the other. The quoting of a fee for some of those assignments appears to be real hit-or-miss, always a bidding situation, and just not as easy to state as a 1004 or 2055 might be. My acquaintance losses more bids than are won, but when I hear that $3K and $5 K or $7 K fees are occasionally scored......it sure makes me wonder if the waters are right to also go for it. But I guess one must know the client well, and vice versa......because getting c.o.d. of 1/2-c.o.d. is not always easy either. I understand that commercial clients get just as ticked about one "not hitting the value" as the residential clients we all have experienced regularly. Bigger fish, bigger bite. Same old, same old. Good luck.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Go ahead and do it even if all you ever do is very high $$$ properties. It's easier now than it will be.

Roger
 

Bill_FL

Senior Member
Joined
Aug 23, 2002
Professional Status
Certified General Appraiser
State
Florida
Do it. I hesitated for years. Finally decided to go ahead, take the last class and test. I had done enough commerical (both under the $250,000 and through association) to have the experience requirements met. It is simply another personal growth challenge.
 

Ken in Arkansas

Junior Member
Joined
Jan 20, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Go for it! I opted for the CR back in the early 90's, due to a relatively limited amount of commercial work available in my geographic area. We had an MAI (a good friend and mentor) who handled the bulk of the commercial assignments in the area. His sudden and unexpected death changed the landscape very quickly. I went back and got my CG in 99. My practice is now about 90% commercial, and while during the last four years probably only 40-50 assignments would have required the CG, I have no way of knowing how many of the "smaller" assignments I got since I am a CG. The added training required for the CG will likely enhance the quality of your work product on the smaller assignments you get.
 

Steve Wyrick

Member
Joined
Aug 15, 2003
Professional Status
Certified General Appraiser
State
California
Fred congratulations on your Certified Residential.

I am an AG in California, and since I had the qualifications years ago for the designation when licensing came into affect I went for the full boat. In my case and in my area there are very few Certified Generals so it just expanded my ability to make a living, also I do many agriculture properties which require the AG designation. For those of you who do not know California designation for Certified General is Appraiser General or AG on you certification number.

For you and your area you have much more access to commercial data that I do not have available, so that will be a big plus for you. You must remember that commercial work is very much like being a specialist in the larger urban areas. Many Certified Generals specialize in downtown high rise office buildings, or large hotels/motels, or large apartment complexes. Other may specialize in restaurants, service stations, malls of various types especially in the large urban areas like San Diego, so if you decide to go for your AG what area appeals to you.

You stated that you like doing 2 to 4 family and would like to do larger units. For your part of the world you will need the AG designation and there is plenty of properties and clients in the specialized area. It is good supplement to the residential market, especially when the residential market is slow.

The one piece of advice I will say to you is do you like to write, because frankly every commercial is different and I find that the narrative report is much easier to deal with to explain everything you need to have in the appraisal. One size like a URAR form does not fit commercial work. Commercial by definition is complex.

For me commercial work is old time appraisal, face to face with buyers and sellers of comps, lots of legwork, no MLS type service in my area. Your area will have more of this type of service which makes your life a little easier. But, the other side is that the fees are substantially more. My minimum fee is $2,000, and that is for a very simple commercial appraisal, I have charged in excess of $15,000 for an assignment. I have an acquaintance who specializes in very large farm properties and several years ago he charged a fee in excess of $500,000 plus travel expenses for an assignment that took him and his staff a year to do. These are not 10 to 20 page reports, my typical commerical report is minimum 50 pages narrative and had one that was well over 300 pages with all of the exhibits.

One of the great things about commercial work is that you actually get to do appraisals without artificial limits like only sales in last 6 mo. and not over 1 mile from subject and a lot of other rules placed by lenders which really restrict the appraisers ability to think and appraise. Because of my area, I have done some really unusual properties and I like the weird sometimes for a challenge. Try a pet cemetery or a mortuary if your macabre, or a bar and strip club, or churches, they all have added spice to my life as an appraiser.

If you like to write, like education and want to be the best in the profession then go for it.
 
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