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Transaction Value Of $1 Million ?

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Tom Foster

Senior Member
Joined
Apr 18, 2003
Professional Status
Certified Residential Appraiser
State
California
Hi Guys,

For the California State License it says:



May appraise non-complex 1-to-4 unit residential property up to a transaction value of $1 million, and complex 1-to-4 unit residential and all non-residential property up to a transaction value of $250,000.


Is the transaction value the loan amount, or the appraised value ????





Tanks
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Neither, it is the contract amount.
 

George Hatch

Elite Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
From the federal regs:





TITLE 12 -- BANKS AND BANKING

CHAPTER II -- FEDERAL RESERVE SYSTEM

SUBCHAPTER A -- BOARD OF GOVERNORS

OF THE FEDERAL RESERVE SYSTEM


PART 225 -- BANK HOLDING COMPANIES AND CHANGE IN BANK CONTROL (REGULATION Y)


SUBPART G -- APPRAISALS


225.62 Definitions.


(m) Transaction value means:


(1) For loans or other extensions of credit, the amount of the loan or extension of credit;


(2) For sales, leases, purchases, and investments in or exchanges of real property, the market value of the real property interest involved; and


(3) For the pooling of loans or interests in real property for resale or purchase, the amount of the loan or the market value of the real property calculated with respect to each such loan or interest in real property.


Given the price increases in our state over the last five years, it might be about time to revisit these limitations. There are a lot of $1,000,000+ neighborhoods around here.


George Hatch
 

Anthony Blackburn

Sophomore Member
Joined
Oct 9, 2002
I sarcastically say.....

Funny how $1,000,000 get's you less and less of a home. When licensing came into being in my neck of the woods, $1,000,000 in transaction value meant something. Now in many areas, A 1,000,000 loan will get you a run of the mill to nice home...nothing too complex.

Wow...I'm starting to sound as old as Mike Garrett......;)
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Tony....aren't you? :rofl: :rofl: :rofl:
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
So wise for so few years! :lol:
 
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