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Raise the limits on CR's

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Terrel L. Shields

Thread Starter
Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Under most laws and FDIC regs etc. Certified residential appraisers cannot do commercial property in excess of $250,000 although they can value a house of any complexity of any value. State Lic. can only do $250K or less (depending upon state).

Those limits have been around since 1992. Inflation has eroded the number of properties CR's can appraise. Properties that sold for $125,000, small retail, single tenant, etc. very simple commercial properties, in 1992 are now worth over $250,000. The complexity has not changed. It is time to raise these limits to $500,000. Those of us certified general are taxed to death in my area. I rarely do a residential property simply because I do not have time to. I am more than happy to see CR's do small commercial properties. And CR's cannot accumulate their experience hours towards the CG designation when there are so few properties that do not exceed the limits.

I don't want to co-sign. Co-signing is all liability and no compensation (as a practical matter.) But without co-signatures a lot of CRs are delayed from obtained experience hours needlessly.

ter
 
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