Posts Tagged Appraisal Qualifications Board

Are Appraisers Professionals?

By Ann O'Rourke on July 12, 2024 / ADUs, Appraisal Qualifications Board, liability / Leave a comment

Tags: appraisal how to, Appraisal Qualifications Board, Fannie, liability

Valuing Appraiser Professionalism: A Blueprint for Survival

By Jo Traut, McKissock Learning

Excerpts: Having spent nearly three decades in the field of real estate appraisal, I’ve witnessed firsthand the evolution of our profession, particularly with respect to technological advancements. However, alongside these positive changes, I’ve also observed a troubling trend toward increased unprofessionalism. This phenomenon isn’t unique to our discipline. It’s permeated other careers, from medical professionals to teachers to business managers.

What professionalism means in the appraisal profession and how we can all work toward achieving it.

Integrity

Remain steadfast in your commitments, stay true to your word, and uphold your principles, even if this requires declining an appraisal assignment or future work with a client or their agent. By staying honest and true to your values, others are more likely to trust and collaborate with you or recommend you and your business.

Expertise

Professionals strive for proficiency in their field, continually enhancing their knowledge through education, webinars and personal development efforts. It’s not just about acquiring designations but staying informed about market dynamics, industry changes and emerging trends.

Commitment to Excellence

True professionals are prepared, which entails advance planning, dedicating sufficient time and giving proper attention to tasks. Before delivering work to clients, conduct a thorough review to mitigate potential errors. Acknowledge and address any skill gaps or lack of competency promptly and transparently, ensuring a commitment to excellence in every endeavor.

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My comments: I have always done “Remain steadfast in your commitments, stay true to your word, and uphold your principles.” I was first trained as a scientist, starting with my high school biology class. After graduation, I worked in labs for 7 years.

I have always been a professional appraiser since I started in 1975, trained at an assessor’s office to do what is in this article. I hate the word “industry” when applied to appraisers. I try to avoid using the word “industry”. Since licensing, residential appraising has become more of a “trade” than a professional career. I quit residential lender appraising in 2005. I know about the conflicts, which have been getting worse.

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NOTE: Please scroll down to read the other topics in this long blog post on Easement Liability, college degree requirement AQB, Fannie June Update, ADUs, unusual homes, mortgage origination stats, etc

Are Human Appraisers Being Phased Out?

By Ann O'Rourke on September 13, 2019 / Appraisal Foundation, Appraisal Qualifications Board, appraisal regulations, Appraisal Standards Board, bifurcated appraisals, evaluations, Fannie, fees, hybrid appraisals, lender appraisals, Mortgage applications, real estate market, rental market, Strange homes, unusual homes / Leave a comment

Tags: appraisal fees, Appraisal Foundation, Appraisal Qualifications Board, appraisal regulations, Appraisal Standards Board, Fannie, mortgage loan volume, new appraisers, rental market, unusal homes

Are Human Appraisers Being Phased Out? Federal Regulators Vote to Loosen Requirements

Excerpt: What’s that drone doing hovering over a property?

Soon that sight may be the norm on homes for sale.

The days of human appraisers may be coming to an end for homes priced under $400,000, if regulation proposed by the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corp. and the Federal Reserve gets approved.

Previously, only homes valued under $250,000 could be purchased or sold without the use of a human appraiser. That threshold is potentially being raised to $400,000, opening up more business for drone-monitored and computer-generated home valuations. The vote is nearly there, awaiting expected agreement from the Federal Reserve before the regulation takes effect.

While the appraisal industry is concerned the change could negatively impact real estate at large, the brokerage side of the business predicts the threshold hike should have minimal effects on homeownership and the home-buying experience.

Comments from many sides of the issue and lots of comments by readers.

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Covid-19 Residential Appraisers Tips on Staying Safe

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https://www.curbed.com/2017/10/23/16522918/earl-young-michigan-houses-frank-lloyd-wright

Appraising Hobbit Houses

By Ann O'Rourke on April 26, 2019 / AMCs, Appraisal Foundation, Appraisal Qualifications Board, appraisal regulations, Appraisal Standards Board, marketing, Mortgage applications, mortgage loan volume, Strange homes, unusual home, unusual homes, weird homes / Leave a comment

Tags: AMC, appraisal business, Appraisal Foundation, Appraisal Qualifications Board, Appraisal Standards Board, mortgage loan volume, strange house, unusal homes, weird properties

Hobbit Houses in Charlevoix, Michigan

Just For Fun!!

Excerpts: Growing up in northern Michigan in the early 1900s, Earl Young was obsessed with boulders. Glacial boulders, to be exact-ones moored in fields, forests, and on lake coastlines across the state thanks to the slow march and retreat of glacial ice during the Precambrian age. Appraising Hobbit Houses in Michigan is a challenge.

The homes he designed will stop you in your tracks, as one did the last time I was there, passing by on a bike. Call them “mushroom houses,” “hobbit houses,” “boulder houses”; everyone has a different name for them. They’re often described concisely, if vaguely, as “organic.” Though some see Frank Lloyd Wright’s influence, they’re distinctly Young.

Fascinating! Lots of fotos and info at:

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Lord of the Rings – Hobbit houses from the movie(Opens in a new browser tab)

Hobbit House of Montana(Opens in a new browser tab)

Covid-19 Residential Appraisers Tips on Staying Safe

For Covid Updates, go to my Covid Science blog at covidscienceblog.com

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https://blogs.alamode.com/blog/an-accidental-encounter-turns-into-a-lifelong-career-in-the-appraisal-industry

Women in Appraising

By Ann O'Rourke on April 11, 2019 / Appraisal Qualifications Board, Appraisal Standards Board, lender appraisals, marketing, Mortgage applications, new appraisers, trainees, USPAP / Leave a comment

Tags: Appraisal Qualifications Board, Appraisal Standards Board, mortgage lending, mortgage loan volume, new appraisers, USPAP

Women in Appraising

Karen Mann: An accidental encounter turns into a lifelong career in the appraisal industry

Excerpts: Karen Mann is a Certified General Appraiser in Discovery Bay, CA. In her 39-year tenure, Karen has made it her mission to help continue the evolution of the industry – serving on several national and local committees for both the Appraisal Institute and the American Society of Appraisers.

Karen’s success in the industry started with a fortuitous event that turned into a successful career and a lifelong friendship. Even today, she remains close to two of the mentors that helped her get started. Her leadership and activism in the industry have helped guide others just getting started, and her acceptance of technology has aided in her success.

“Becoming an appraiser has changed my world. I’ve now been in quite a few leadership roles in and outside the appraisal industry. And, I feel that I’ve had a very fortunate career. I’ve worked really hard, but for the whole 39 years (so far), it’s been an honor to be an appraiser.”

My comment: I have known Karen for over 30 years. She is a lot of fun also. I will never forget when Karen and I plus a couple of other women got on stage and dancing and doing karoke at a national Employee Relocation Conference (social event). Appraising interferes sometimes with cruising on her big power boat ;>

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Maggie Hambledon, ASB member since 2011

Maggie is president of Hambleton, Inc., a real property appraisal firm in Columbus, OH. She has been in practice for over 40 years, specializing in the valuation of residential properties, with an emphasis on litigation support.

She got started by Sheer luck. “I answered an ad to work as an assistant for an appraisal department in a corporation. The luck was I had two pioneer male appraiser mentors who believed in upward mobility and this was in 1968! I was able to learn from the time a potential assignment was logged in through the entire process and to travel to other states to participate in large multi-property appraisal assignments.”

https://www.appraisalbuzz.com/international-womens-month-part-3/

My comment: How did I get started? After 7 years I was bored working in labs, started when I graduated from college. In 1975 I saw an ad for “Engineering Aide” at the county’s assessor’s office. It said “work in the field” (verifying county records before switching to automated valuation). Previously I worked on the 1970 census in the field and really liked it. I had never heard of appraising and got an appraisal book at the library. Have been appraising ever since!

Covid-19 Residential Appraisers Tips on Staying Safe

For Covid Updates, go to my Covid Science blog at covidscienceblog.com

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https://www.nytimes.com/interactive/2018/10/12/us/map-of-every-building-in-the-united-states.html

City and building maps for appraisers

By Ann O'Rourke on October 25, 2018 / appraisal business, Appraisal Foundation, appraisal how to, Appraisal Standards Board, appraisal waivers, Fannie, forecast, george dell, Mortgage applications, mortgage loan volume, real estate market / Leave a comment

Tags: appraisal business, Appraisal Foundation, Appraisal Qualifications Board, appraisal regulations, Appraisal Standards Board, appraisal waivers, Fannie, forecast, real estate market

A Map of every building in America

Excerpts: Classic maps answer questions like: How do I get from Point A to Point B? These data images, instead, evoke questions – sometimes, simply: What’s that? City and building maps for appraisers

We found fascinating patterns in the arrangements of buildings. Traditional road maps highlight streets and highways; here they show up as a linear absence.

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In the August 8 2018 issue of this email newsletter, I published the link

Visualizing the Hidden ‘Logic’ of Cities

Excerpt: Some cities’ roads follow regimented grids. Others twist and turn. See it all on one chart.

Excerpt: In Chicago or Beijing, any given street is likely to take you north, south, east, or west. But good luck following the compass in Rome or Boston, where streets grew up organically and seemingly twist and turn at random.

Fascinating!! Check it out at:

https://www.citylab.com/transportation/2018/07/see-your-citys-street-structure-with-these-tools/566138/

Covid-19 Residential Appraisers Tips on Staying Safe

For Covid Updates, go to my Covid Science blog at covidscienceblog.com

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!

To read more of this long blog post with many topics, click Read More Below!!

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https://georgedell.com/do-you-have-two-appraiser-brains

Appraiser conflict: objective/impartial vs. what clients want

By Ann O'Rourke on September 27, 2018 / adjustments, appraisal how to, Appraisal Qualifications Board, appraisal waivers, commercial appraisal, Fannie, george dell, mortgage loan volume, real estate market, unusual homes / Leave a comment

Tags: adjustments, appraisal how to, Appraisal Qualifications Board, Fannie, mortgage loan volume, real estate market, unusal homes

Do You Have Two Appraiser Brains?

By George Dell

Excerpt: One appraiser brain says you must be “independent, impartial, and objective.” (USPAP) It wants to be good. It wants integrity and to sleep peacefully at night.

But there’s another brain. It’s primal and wants to survive. It has other responsibilities: meet the bills, feed the family, pay the mortgage, and pay government taxes/fees. And recorded in this brain is that part of the standards which say: Do what your clients expect; do what everyone else does. As paraphrased, the sole guides to an acceptable scope of work.

Worth reading. Short. Plus the comments.

Covid-19 Residential Appraisers Tips on Staying Safe

For Covid Updates, go to my Covid Science blog at covidscienceblog.com

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!

To read more of this 9-27-18 long blog post with many topics, click Read More Below!

https://www.realtor.com/news/trends/couple-list-home-for-1

5-17-18 Newz//New Fannie Forms. Appraisal Waiver saves up to 2 weeks. Golden State Killer House Survey

By Ann O'Rourke on May 17, 2018 / adjustments, appraisal how to, Appraisal Qualifications Board, appraisal waivers, hybrid appraisals, real estate market, unusual home, unusual homes / Leave a comment

Tags: adjustments, appraisal how to, Appraisal Qualifications Board, appraisal waivers, Fannie forms, liability, strange house, unusal homes

Advertise with us. Very reasonable rates!

$1 listing prices

Excerpts: A $1 house listed in Edmond, OK, has stirred up a huge hubbub among home buyers, home sellers, real estate agents, and others: Come on, is that even real? There must be a catch.

In other words: After less than a week, the home is under contract. While Hukill won’t share specifics until the deal is officially done, he says, “we ended up a little bit above what the sellers initially thought they’d get.”

Which begs the question: Should more home sellers consider pricing their home at $1?

My comment: interesting discussion of the pros and cons.

Appraisal Waivers save up to 2 weeks time

From Fannie Mae’s May 15 2018 Selling News

Save your borrowers time and money with a PIW

Did you know that a property inspection waiver (PIW) can save you up to two weeks in loan cycle time while saving your borrower the expense of an appraisal? A PIW can both reduce costs and shorten the loan origination process by eliminating the need to obtain and review an appraisal, removing the chance of any appraisal-related delays.

Exercising a PIW offer will also give you Day 1 Certainty®, freedom from reps and warrants on property value, condition, and marketability. Learn more about these benefits and more on the PIW page.

Link to Selling News:

My comment: And I was thinking that Hybrid Appraisals were a big market… No way to beat No Appraisals…

https://georgedell.com/what-is-a-comp/

4-12-18 Newz//What’s a Comp? Multiple offers way over list. Rotating House

By Ann O'Rourke on April 12, 2018 / adjustments, AMCs, Appraisal Foundation, appraisal how to, Appraisal Qualifications Board, Fannie, fees, forecast, lender appraisals, listings, Mortgage applications, real estate market, Strange homes, unusual home, unusual homes, weird homes / Leave a comment

Tags: AMC, Appraisal Foundation, appraisal how to, appraisal management company, Appraisal Qualifications Board, appraiser shortage, real estate market, strange house, unusal homes

Advertise with us. Very reasonable rates!

What’s a comp?

By George Dell, MAI, SRA

Excerpts: Our education tells us a comp is similar and competitive. So how do we measure “comparability”? If our job entails studying market data to get an answer … might it be important to know exactly how to describe a comp?

So what’s the issue? Why should we care? I am a highly trained expert. I have a license. “Trust me. I know a good comp when I see one.”

My comments: George is writing a longer article than his blog posts for the May issue of the paid Appraisal Today. I often wish his blog posts were longer, but they are designed to be short ;>

https://www.realtor.com/advice/sell/home-decor-trends-to-avoid-if-selling/

7 Strange home remodeling projects for appraisers

By Ann O'Rourke on April 5, 2018 / adjustments, Appraisal Foundation, Appraisal Qualifications Board, appraisal waivers, appraiser shortage, data, evaluations, lender appraisals, Mortgage applications, mortgage loan volume, new appraisers, real estate market, rental market, state appraiser regulators, Strange homes, trainees, unusual home, weird homes / Leave a comment

Tags: adjustments, appraisal how to, Appraisal Qualifications Board, appraiser shortage, lenders, mortgage loan volume, new appraisers, real estate market, strange house, trainees, unusal homes

7 Strange home remodeling projects for appraisers

Excerpt: There’s a huge difference between decorating for your own pleasure and spiffying up your home to sell. If you’re staying put and pining for a purple bathroom, go for it! The resale value of your eclectic tastes don’t apply.

3. Too much purple or yellow

4. Too much cold white

7. A statement door that makes too much of a statement

To see all of them plus photos and details click here:

Covid-19 Residential Appraisers Tips on Staying Safe

For Covid Updates, go to my Covid Science blog at covidscienceblog.com

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!

To read more of this long blog post with many topics, click Read More Below!!

NOTE: Please scroll down to read the other topics in this long blog post on data, weird interior design, mortgage origination stats, Covid tips for appraisers, etc.