Revisions After License Expiration

[jabba]

My license expires on December 10, 2015 and I am not renewing it (retirement!). My question: what happens if I submit a report on, say, November 15th, and the client requests a minor revision to the report on December 12th, two days after I am no longer certified? Am I allowed to do it? Is this issue covered by USPAP? State regulations? Does it "depend" on whether the revision is minor or more substantial? I am wondering how long in advance of my retirement date should I stop accepting orders so as to avoid (or at least minimize) the possibility of the above situation occurring. Thanks for any and all input.

 

[RSW]

Interesting question. I am interested in the responses.

 

[DTB]

If you made revisions as I did, with a new signature date...no can do.

I wouldn't worry about it, just say you are unlicensed at present. Also, I would keep a very tight watch on receivables because there will be some screaming.

Good luck

 

[Mark K]

I think the same thing would happen if you were suddenly incapacitated by an illness and unable to work, hit by a bus, eaten by a shark, etc.

Life would go on; they would find a way to continue with their business.

As mentioned earlier, get paid as soon as possible. After Dec. 10, you don't have a license and the way I see it, you can't work as an appraiser past that date. IMO, revising a report falls into the "working as an appraiser" category.

 

[Mike Kennedy]

No license, no revision, no signature. Whether you advise a client in advance or not is a personal and professional decision. Personally, I would.

 

[KeyWhiz]

I think the same thing would happen if you were suddenly incapacitated by an illness and unable to work, hit by a bus, eaten by a shark, etc.

Life would go on; they would find a way to continue with their business.

Yep. If it's a big enough deal, they'll find another appraiser to handle the revision. Or they'll forward the appraisal on without it if it's not. Or order a new one if it's REALLY big deal.

Several years ago my business partner died suddenly. From a work standpoint the timing was OK as he had just returned from vacation and didn't have any open files he was working on. But there were a few revisions that came back on reports he had already sent in. I handled them and signed my name to them and all was well.

 

[hastalavista]

Like everyone else is saying, if you are no longer a licensed appraiser after a certain date, then you cannot re-sign an appraisal report as a licensed appraiser after that date.

Some clients used to stop sending orders to appraisers before their expiration date (say, 30- or 60-days) until the appraiser received and forwarded their renewal to the client. The reason for that was to avoid a situation that required the licensed appraiser's attention after the expiration date.
Your expiration date is also your retirement date (congrats!). Unless the engagement agreement covers this contingency (it states in there that if your license is going to expire within X amount of days and you don't have your renewal, then you cannot accept the assignment) then it is up to the client to make the determination, not you.

If it were me, I'd probably have all my work wrapped up and submitted at least a week or sooner before the expiration date. But that is a appraiser business-decision. An appraiser could sign and send of the reports the day before and that would be fine.

Good luck!

 

[Terrel L. Shields]

Further you can take all those files and burn them... The five year rule is not enforceable if you don't have a license...

 

[bnmappraisal]

Further you can take all those files and burn them... The five year rule is not enforceable if you don't have a license...

THAT's good to know!

 

[nicholz12]

Further you can take all those files and burn them... The five year rule is not enforceable if you don't have a license...

True?? You're not just saying that for ha ha's.