Webbed Feet
Elite Member
- Joined
- Feb 11, 2005
- Professional Status
- Certified Residential Appraiser
- State
- Canada
Yeah, but we don't have to change our mascots every few years trying to fix our image either. So how is Dufus anyway?
A. The Licensed Residential Real Property Appraiser Classification applies to the appraisal of non-complex one to four residential units having a transaction value less than $1,000,000 and complex one to four residential units having a transaction value less than $250,000.
B. Complex one- to four-family residential property appraisal means one in which the property to be appraised, the form of ownership, or the market conditions are atypical.
C. For non-federally related transaction appraisals, transaction value shall mean market value.
1. The classification includes the appraisal of vacant or unimproved land that is utilized for one to four family purposes or for which the highest and best use is for one to four family purposes.
2. The classification does not include the appraisal of subdivisions for which a development analysis/ appraisal is necessary.
I find this to complex to understand. I gage it this way...if the hair stands up on the back your neck when you read the assignment letter...it's probably complex.
And, while we are at it...what is the transaction value? As an example, can a licensed appraiser appraise a residence for $10,000,000 if the loan was only $750,000? Inquiring minds want to know.
A complex assignment is one where you have never done that type of property before and where you have no idea where to gain the competency. You can do the assignment as long as you become competent if it is possible.
A complex assignment is a dilemma for all license levels. What is complex for me might be very easy for others and vice-versa. Different appraisers have different competencies because of past experience and assignments.
Complex assignments include geographic competency, subject type, economic situations, available information and many other factors.
When in doubt you have to decide if you can become competent or if you need to turn the assignment down.