Where Do You Think "geographic Competency" Begins And Ends?

[George Hatch]

Since we are now arguing the absurd I have amended my assumptions to preclude having to move to each and every neighborhood you appraise in.

You could always try to respond to the question in good faith.

 

[Joe Flacco]

Geographic competency can be gained for any property.

What's the point of this poll?

If it has to do with the discussion in the other thread, it is not about if one can gain geo competency or not. It's about the reviewer not having geo compentency but being able to say that a appraisal is good or not. It's pretty stupid.

 

[George Hatch]

Not related to that thread or any other thread. It's just a topic that came up in conversation with another appraiser - what does the term really mean?

 

[Mike Kennedy]

https://www.appraisalinstitute.org/...l-to-meet-geographic-competency-requirements/

2009
USPAP’s Competency Rule states: “Prior to accepting an assignment or entering into an agreement to perform any assignment, an appraiser must properly identify the problem to be addressed and have the knowledge and experience to complete the assignment competently …”

USPAP further states: “In an assignment where geographic competency is necessary, an appraiser preparing an appraisal in an unfamiliar location must spend sufficient time to understand the nuances of the local market and the supply and demand factors relating to the specific property type and the location involved. Such understanding will not be imparted solely from a consideration of specific data such as demographics, costs, sales, and rentals. The necessary understanding of local market conditions provides the bridge between a sale and a comparable sale or a rental and a comparable rental. If an appraiser is not in a position to spend the necessary amount of time in a market area to obtain this understanding, affiliation with a qualified local appraiser may be the appropriate response to ensure development of credible assignment results.”

 

[Eli]

Multiple choice poll. Check all that apply, and I'm leaving the "allow voters to change their votes" box checked so if you change your mind you might be able to change your vote.

This is a question about competency, not about licensing; so for the purposes of discussion please disregard all licensing and liability issues. Those are legitimate concerns, but they're also a separate concept and merit their own threads.

Other assumptions that are necessary to ensure we're working off the same playing field include:

- assume the assignment in question involves an SFR that's typical for its community
- assume you have access to the same data sources any local appraiser would have access to
- assume you have the technical competency to appraise that property type if it was located in your own back yard.
- assume your SOW does not involve having to move to that location


We're not referring to ALL property types and amenities an appraiser might run into, just the ones that most all of us already know how to do. Think typical SFR, not some uber custom on a lakefront or the morphodite trouse that Bobby Bucks lives in.

Can you legally do it? I have gathered you do review work primarily. Your bias shines through. Are you performing appraisal practice illegally in some jurisdictions?

Your primary focus of work has changed over the years. I am not a rookie.

 

[Joe Flacco]

You also keep talking about "typical" SFR assignment. What is typical? Does typical = no complexities? Are all townhouse assignments typical? Typical depends on the market so knowing if a SFR assignment is typical requires geocompetency.

It's either the op regularly misuses the word typical or don't understand residential real estate.

 

[George Hatch]

Can you legally do it? I have gathered you do review work primarily. Your bias shines through. Are you performing appraisal practice illegally in some jurisdictions?

Your primary focus of work has changed over the years. I am not a rookie.

No it hasn't changed. My workload is more/less exactly the same now as it has been for the last 20 years. Except for a couple of isolated instances where I did a no-value-opinion review in the county just north of my area of operations, all my other assignments have been in my normal AO.

 

[George Hatch]

You also keep talking about "typical" SFR assignment. What is typical? Does typical = no complexities? Are all townhouse assignments typical? Typical depends on the market so knowing if a SFR assignment is typical requires geocompetency.

It's either the op regularly misuses the word typical or don't understand residential real estate.

I actually provided some qualifiers:

- assume the assignment in question involves an SFR that's typical for its community
- assume you have access to the same data sources any local appraiser would have access to
- assume you have the technical competency to appraise that property type if it was located in your own back yard.
- assume your SOW does not involve having to move to that location

I wouldn't presume to know what your technical limitations are. All I'm asking about is the geographic variable.

How hard do you think it would be to figure out if a 1500sf dogbox on a 7000sf subdivision parcel was typical for it's location?

 

[Eli]

No it hasn't changed. My workload is more/less exactly the same now as it has been for the last 20 years. Except for a couple of isolated instances where I did a no-value-opinion review in the county just north of my area of operations, all my other assignments have been in my normal AO.

Ok, how much of your workload is review work?

 

[George Hatch]

I might do one or two a month on average. Mostly involving high value or complicated residential or commercial properties of the types I commonly appraise.

I have no dog in the various AMC fights, reviewer fights, no-look appraisal fights and the like.