THE NEXT PAGE OF YOUR PROGRAM WOULD CONTINUE LIKE THIS - YOU SIMPLY READ THE INFORMATION ON EACH PAGE, THEN READ THE QUESTIONS WHICH FOLLOW THE TEXT, CLICK ON "RESPONSE" TO RESPOND TO THE QUESTIONS, CLICK SEND, THEN CLICK ON "GO TO NEXT PAGE...
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WHEN DOES A PERSON HAVE TO BE CERTIFIED?
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In general, an individual must be certified or licensed when preparing a real estate appraisal
under the following conditions:
1. He or she resides in a mandatory state. A mandatory state is a state that requires
all real estate appraisals to be performed only by certified or licensed real estate
appraisers. (New York State is not a mandatory state, it is a voluntary state).
2. The appraisal assignment may or will be sold to the secondary mortgage market
(like Fannie Mae).
3. Certain appraisals that involve the Federal Deposit Insurance Corporation (FDIC), Office of
Comptroller of the Currency, Internal Revenue Service, Department of Transportation,
Department of Agriculture, Federal Reserve Board, National Credit Union Administration,
Office of Thrift Supervision and the Office of Management and Budget.
4. The appraisal exceeds a minimum threshold amount (currently $250,000 for residential
property and $500,000 for non-residential property).
5. The client requires a state certified or licensed appraiser to perform the assignment.
6. Certain state agencies require appraisals to be performed only by state certified or licensed real
estate appraisers.
Some professional organizations like the National Association of Realtors (NAR) also require that their members refrain from preparing real estate appraisals, unless their member is dually licensed to practice as a real estate appraiser in that state. Violation of this rule may lead to expulsion from their group and the loss of benefits associated with their membership.
Check with the professional organizations with which you are may be affiliated to make sure you're in compliance with their regulations if you have any questions.
QUESTIONS:
1. If you are a member of NAR, what do you have to do in order to be able to do an appraisal?
2. What makes an "appraisal" an appraisal as compared to a "comparative market analysis"? (Be as descriptive as possible)
3. Name three government (or quasi-governmental agencies) that require the use of a "certified or licensed" appraiser, in connection with any transactions.
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