Like being in the middle of a paintball free-for-all, messy things are coming at appraisers from all sides these days. In addition to lenders trying to pin buybacks on the backs of appraisers (while seeming to ignore the wild-west underwriting practices that floated the bubble), State Boards also are bringing complaints against appraisers in…
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Compliant Appraisers: Creating a Level Playing Field A growing number of appraisers are compelled to turn in colleagues for what, in their judgment, is incompetence and/or fraud. Here is a template of an actual complaint which was heard and acted upon by a state board. Phil Rice, appraising eight years, said he filed this complaint...…
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Cautionary Tale! Keeping Track of Work Files Recently, an appraiser was the subject of disciplinary action by his State Board. The violation cited was “failing to produce records for an assignment under review.” If you maintain work files for five years, as per USPAP, and figure you can stop reading because it could never happen...…
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Like most real estate appraisal boards, Florida’s Board publishes an annual summary of the cases it finalizes against its appraisers. Florida’s Real Estate Appraisal Board (FREAB) does not intend these summaries to be lengthy analyses of “what went wrong” or something law students might study for insight. They are merely summaries of the charges the…
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Editor’s Note: With declining values come lawsuits and complaints. Somebody has filed a complaint against you with your state’s appraisal board. Now what do you do? Tim Andersen, MAI gives you some suggestions.
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