Utah License Requirements

[Brad in SAC]

In most states a licensed appraiser can appraise a residential property up to a million dollars.

In Utah I am hearing that a licensed appraiser must have a certified appraiser sign off. Is there any truth to this? I have checked with the Dept of Real Estate and there requirements are the same as other states, however, appraisers and mortgage brokers tell me otherwise. Do any Utah appraisers understand why I am hearing two different stories?

 

[Couch Potato]

Someone posted the other day that Arkansas is adding a similar rule. Florida stopped issuing "Licensed" status. The restriction is better than Florida's solution, IMHO, because while acknowledging someone with a year of experience can probably complete a report on their own, they probably do need someone watching for more than a year.

 

[Chris Harrison]

Brad,

It depends on the lender. Up until about four years ago, we didn't have a Licensed designation. We had Registered Appraisers, Certified Residential Appraisers and Certified General Appraisers. In the beginning you could get your registered appraisers license simply by completing the 90 hour classroom. For a while there were registered appraisers doing mortgage work without supervision. A lot of mortgage brokers got burned by not understanding the Utah qualifications criteria and ended up paying for two appraisals to close the loans. Or in some cases, when the property became REO the lender ended up having to buy it back.

Now many Utah brokers and many out-of-state lenders just require a Certified signature out of habit. The locally owned banks, attorneys, courts and private investors have always selected Certified Appraisers.

I hope that answers your question.

Chris

 

[Anthem]

I have a friend in Park City Utah who is licensed and has had no problems using it for under a Million transactions.