Editor’s Note: The following Q&A is from Lee Hess, PhD, author of Navigating USPAP. “The USPAP Q&A that have appeared in Working RE previously have generated many additional questions from readers,” said Hess. “Here are more questions and answers that affect the every day practice of appraising.” USPAP Q&A: Clarifying Competency, Reviews, Past Sales &…
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Editor’s Note: It’s summertime; time for getting away for a little R&R, if you can. (If you’re on vacation and reading this from the beach or lake, maybe you’re not quite unplugged enough!) Long-time appraiser Doug Smith offers advice for enhancing your business and family life by taking a break. Taking a Break by Doug...…
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Editor’s Note: Here is a quick snapshot of the industry as per our visit to a la mode’s recent annual convention in Las Vegas. State of the Industry: Marketing, Technology, Fraud by David Brauner, Editor WRE Just returning from a la mode’s annual convention in Las Vegas, it was great catching up with old friends...…
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Sincerity vs. Competency By Diana Jacobs Question: “Can you believe in your heart that you did the right thing and still be wrong?” The answer is yes. Why? Because USPAP instructs us that “ethics” are about intent while “competency” is about judgment and execution. When developing a “scope of work” decision, professional appraisers are not...…
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“Comp Check” Q & A from The Appraisal Foundation Can Appraisers Perform “Comp Check” Assignments? Question: I’m a residential appraiser and have been asked to perform a “comp check” (or “pre-comp”) assignment, where a client wants to get an idea of the value of a home prior to proceeding with a mortgage financing transaction. Does…
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Appraisers & Gramm-Leach-Bliley By Pat Butler Most appraisers have heard of Gramm-Leach-Bliley (Privacy Act) but few understand their obligations under the Act. Appraisers have disclosure obligations under Gramm-Leach-Bliley (GBL) when they are hired directly by a consumer to conduct an appraisal. Compliance means disclosing to the client whether any of their nonpublic personal information will...…
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Editor’s Note: This is an actual claims rebuttal letter sent to opposing counsel, written by a claims adjuster on behalf of an insured. The names have been changed. Disclaimer: This article is written from an insurance perspective and is meant to be used for informational purposes only. It is not the intent of this article…
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The Appraisal Foundation Appoints New National Board The Appraisal Practices Board will be officially constituted July 1, 2010 The purpose of the ABP is to issue voluntary timely guidance to appraisers on emerging valuation issues that are occurring in the marketplace. This guidance will assist appraisers, appraiser regulators and educators. The new Board will enlist…
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Editor’s Note: Appraiser Sean Heath and others test out the new AVM Zillow and caution that while the name may be on everyone’s lips, let the zill-er (consumer) beware. That said, the results are far from black and white. Appraisers Put AVM Zillow to the Test by Sean Heath It seems that the quickest way...…
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Staff from the Federal Reserve Board recently requested survey results from the OREP.org/Working RE Customary and Reasonable Fee Survey, with over 16,500 appraisers participating. Why? Because customary and reasonable fees and other issues related to the Dodd-Frank Financial Reform Legislation are not settled, according to the Federal Reserve, who is tasked with implementing the law-…
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