- Joined
- May 2, 2002
- Professional Status
- Certified General Appraiser
- State
- Arkansas
USPAP is not the only legally controlling authority (wonder where that term came from) which regulates you. Your state board has laws, too. Laws that seem silly in part, but most are actually enacting things the Feds wanted.
I got a call from a Cert. Res. (hey, I'm not the legal expert around here!) asking me if I wanted to appraise a house in a ritzy subdivision known locally as Pinnacle Hills. I asked why she did not want to do it and she said it was worth more than 1,000,000, so it was ABOVE her limits!!
I said, NO, it is not above your limits. You can do a house (1-4 fam) without regard to complexity or value. What you can't do is commercial, land, farmland, etc. over $250,000....
In Arkansas that $250,000 is the transaction value (mortgage amt. or sales amount) in a federally related transaction.
In a non-federally related tranaction, the amount is $250,000 appraised value.
Geez, I wonder how many appraisals were in her files that was something else??
I got a call from a Cert. Res. (hey, I'm not the legal expert around here!) asking me if I wanted to appraise a house in a ritzy subdivision known locally as Pinnacle Hills. I asked why she did not want to do it and she said it was worth more than 1,000,000, so it was ABOVE her limits!!
I said, NO, it is not above your limits. You can do a house (1-4 fam) without regard to complexity or value. What you can't do is commercial, land, farmland, etc. over $250,000....
In Arkansas that $250,000 is the transaction value (mortgage amt. or sales amount) in a federally related transaction.
In a non-federally related tranaction, the amount is $250,000 appraised value.
Geez, I wonder how many appraisals were in her files that was something else??