Re License Revocation

[Bob Ipock]

This disciplinary action is from the latest issue of the NC REAL ESTATE Commission newsletter ..........(not the NC Appraisal board)

Perhaps we need to remind real estate agents & brokers of what can happen when they use knowingly inflated appraisals.

I hope to see our Banking Commission following this same line of discipline against mortgage brokers who knowingly use inflated appraisals.

What is so sad is that the NCAB has slapped the wrist of many appraisers who knowingly and purposely inflated appraisals.



JAMES W. MANN (Charlotte) – By Consent, the Commission permanently revoked the salesperson license of Mr. Mann effective August 10, 2005. The Commission found that Mr. Mann, as a sales manager for a home building company, agreed to make the company’s inventory available for sale to promoters of various real estate investment groups, knowing at the time that the promoters used inflated appraisals and facilitated the use of inflated appraisals in various transactions. The Commission also found that Mr. Mann was paid by the promoters for his assistance and failed to disclose these payments to his employer or the lenders involved in the transactions in question.

 

[Karl]

I'm actually envious of NC at least your seeing SOME results from doing something. AZ is still in the "PipeLine" I still BELIEVE AZ will set a record when the "Pipeline'" finally explodes.

 

[Bob Ipock]

The ironic thing is that it is a real estate AGENT revoked.......not a real esate APPRAISER.

Perhaps someday our appraisal board can buy a clue that revocations to those deserving should be issued with no qualms. It is pretty sad that real estate agents are being revoked and appraisers get sent to a another damn USPAP class.

 

[Don Clark]

B) Bob,

Instead of sending them to another USPAP class assign them to work on the janitorial staff of the new NCAB building for a week. :lol:

 

[Oregon Doug]

Bob - I don't dissbelieve what you are saying for a moment but it is hard for me to wrap my mind around it!

Since the Real Estate Commission has sufficient evidence that a sales agent was using inflated appraisals to revoke the salesman's license, then the RE Commission has hard evidence of inflated appraisals. They need (are required) to turn that evidence over to your appraisal board. If the RE Commission refuses to turn the evidence over to the appraisal board - you have an obstruction of justice issue. If the RE Commission turns the evidence over to the appraisal board and the appraisal board refuses to prosecute the matter - you have an obstruction of justice issue. A phone call to Ben Hensen is in order.

Oregon Doug

 

[Bob Ipock]

Doug,

I am not saying anything that is not factual. I am just pointing out the irony of a REAL ESTAE person having his license revoked over an inflated appraisal. I certainly am not saying that evidence has not been transfered from agency to agency.

I hope to see more of of these revocation. If appraisal boards, real estate commissions and banking commissions would all do this...progress would be made.

The facts speak for themselves, our appraisal board has only revoked 8 licenses in the last 15 years. You can verify that on the ASC website. In that time frame (my OPINION ) would be that there were hundreds of cases brought before the NCAB that involved inflated appraisals....and very little was done about those cases.


What I am saying....is from published facts from the NCREC and the ASC.

Check the ASC site for your state.

http://www.ASC.gov/content/category1/stand...spx?queryType=7

 

[Otis Key]

I agree with Karl about being almost envious of NC but I also think that Oregeon has jump out there as well. However, I do agree that it's with wonder that the agent lost his license by using an inflated appraisal but the appraiser (I'm sure that there is an investigation ongoing or building) hasn't lost his/her license. The thing of it is - they don't really seem to care! That's what is so astounding to me! They know that they will not have a license anymore and have to do something else and then also attempt to slide one through while not being licensed. What has happened to society? I turn down, away and/or don't even respond to requests that threaten my reputation, much less the idea of loosing my license. I'm making less now than before because of SKIPPY!

Okay - I feel better now (NOT) so I can enjoy my "holiday".

Merry Christmas ALL! Be safe!

 

[Bob Ipock]

but the appraiser (I'm sure that there is an investigation ongoing or building) hasn't lost his/her license.

We do not know if the appraiser did or did not lose their license. We do not even know who the appraiser is.


JAMES W. MANN (Charlotte) – By Consent, the Commission permanently revoked the salesperson license of Mr. Mann effective August 10, 2005. The Commission found that Mr. Mann, as a sales manager for a home building company, agreed to make the company’s inventory available for sale to promoters of various real estate investment groups, knowing at the time that the promoters used inflated appraisals and facilitated the use of inflated appraisals in various transactions. The Commission also found that Mr. Mann was paid by the promoters for his assistance and failed to disclose these payments to his employer or the lenders involved in the transactions in question.





I want to make it very clear. What you see in RED above is directly from the NC REAL ESATE COMMISSION. It is NOT from the NC APPRAISAL BOARD. Two different agencies..........

I do not know if the appraiser involved in this NCREC action has been or will be disciplined by the NCAB. Perhaps he (or she) already has been disciplined.......I do not know.

The WHOLE POINT here is that a REAL ESTATE COMMISSION revoked a REAL ESTATE license for knowingly using an inflated appraisal. How many REAL ESTATE agents do that every day?

RE Agents need to know that they can be held responsible for knowingly using inflated appraisals . Spread the word.