Real Estate Appraiser Insurance OREP Insurance Services is a leading provider of Appraisers Errors & Omissions Insurance for real estate appraisers. In addition to the lowest rates and broadest coverage, that is customized for real estate appraisers to fit their individual appraising needs, OREP provides timely information to help appraisers limit their liability and increase…
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A recent lawsuit filed against Stearns Lending and its AMC, Trimavin, by the AMC’s former Chief Appraiser, Katherine A. Scheri, alleges that many of the practices that led to the extensive regulation of the appraisal industry are alive and well at one AMC/lender at least.
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Editor’s Note: At OREP, we see that incorrect measurements are the cause of many E&O claims. Here are some tips on staying out of trouble. How to Report Building Areas Accurately (and avoid measurement mistakes) by Mark S. Langhamer As appraisers and review appraisers, some of us have seen fellow appraisers relying on building area...…
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Alternately, you can envision this hard time as an opportunity to position yourself with a slightly modified appraisal practice in the near future.
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Proving Appraisal Adjustments By Beverly A Bayer, SRA – Mvappraiser@yahoo.com When I began appraising, I asked my mentor what adjustments to use- he said, “Figure it out for yourself.” So I did. Here’s what I learned. When my mentor left the office, I studied his appraisals and began using his adjustments. Many years later, I…
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Events Leading to the Use of the Cost Segregation Study by Guy P. Reese, MAI and Kevin Cavasos, CMI Component depreciation in various forms was permitted by IRS for measuring depreciation until the establishment of the Modified Accelerated Cost Recovery System (MACRS) by the Tax Reform Act of 1986. Under MACRS, assets are grouped into…
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Editor’s Note: Kenneth W. Brown, SRA wants you to work the system- in a good way. Appraisers- Working the System By David Brauner, Editor Kenneth W. Brown, SRA wants you to work the system- in a good way. Here’s what he means. Brown, appraising since 1991, is sending and posting the following message (below) to…
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Editor’s Note: A desktop appraisal product introduced last month is the subject of concern among many Working RE readers and OREP.org members. Below is guidance issued by the North Carolina Appraisal Board. AMC-Desktop Product: USPAP Compliant? By David Brauner, Editor A new desktop product from a large, national appraisal management company (AMC) is drawing questions...…
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IndyMac – What Goes Around Comes Around By David Brauner, WRE Editor Not to kick a fella when he’s down, but following the collapse of IndyMac Bank last week, we received an email from a “blacklisted” appraiser that got us thinking. This appraiser, who wishes to remain anonymous, is one of several who told us…
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Editor’s Note: Appraising in a real estate collapse poses its problems. Seasoned appraiser Matt Cook, provides some guidance. Using Distressed Sales By Matt Cook If you’re having trouble appraising in a market where distressed properties dominate, you’re not alone. Recently, an appraiser stated in a post that the market for a particular residential assignment included…
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