appraisal qualifications
448) USDA Requirements
01/15/09
Dear H2,
I have been asked by a lender if I am qualified to do appraisals for a USDA loan. This is a new master planned development in an area which qualifies for this type of loan. I called the USDA office and no one seems to have a clear answer regarding appraiser qualifications. I have read the RD 1922-14 form pages 26-35 which is still unclear. I believe that for a single family residence, the current Fannie Mae 1004 form is used, and that the property meets the HUD handbook requirements 4150.2 and 4905. Do you know of any other USDA requirements? Thanks in advance.
James Smith lvappraisalco@cox.net
Dear James,
USDA RD Instruction 1922-A section 1922.6 covers their appraisal requirements. I think you have to go with what this document says or get a clarification from the USDA regional office that covers your area. The complete document can be downloaded from: http://www.rurdev.usda.gov/regs/an/an4364.pdf
H2
I have been asked by a lender if I am qualified to do appraisals for a USDA loan. This is a new master planned development in an area which qualifies for this type of loan. I called the USDA office and no one seems to have a clear answer regarding appraiser qualifications. I have read the RD 1922-14 form pages 26-35 which is still unclear. I believe that for a single family residence, the current Fannie Mae 1004 form is used, and that the property meets the HUD handbook requirements 4150.2 and 4905. Do you know of any other USDA requirements? Thanks in advance.
James Smith lvappraisalco@cox.net
Dear James,
USDA RD Instruction 1922-A section 1922.6 covers their appraisal requirements. I think you have to go with what this document says or get a clarification from the USDA regional office that covers your area. The complete document can be downloaded from: http://www.rurdev.usda.gov/regs/an/an4364.pdf
H2
447) Experience Requirements
01/14/09
Dear H2,
I received my residential license about 18 months ago, which took me 4 years. My supervisor wouldn't share any of his work, so I had to find my own clients, which was hard as a trainee. Now it's taking me forever to get to the 500 hours needed so I can get my certified license. This is a problem as many companies are only using certified appraisers. I have a 4 year degree, but am stuck until I get the required 500 hours. Any suggestions?
Rosemary rmhapp@earthlink.net
Dear Rosemary,
This is a tough position to be in. It seems to me that you have three choices: Try to get more work from the company you now work for, find another full or part time source of work, or just sweat it out until you acquire the needed hours. Good luck in your endeavors.
H2
I received my residential license about 18 months ago, which took me 4 years. My supervisor wouldn't share any of his work, so I had to find my own clients, which was hard as a trainee. Now it's taking me forever to get to the 500 hours needed so I can get my certified license. This is a problem as many companies are only using certified appraisers. I have a 4 year degree, but am stuck until I get the required 500 hours. Any suggestions?
Rosemary rmhapp@earthlink.net
Dear Rosemary,
This is a tough position to be in. It seems to me that you have three choices: Try to get more work from the company you now work for, find another full or part time source of work, or just sweat it out until you acquire the needed hours. Good luck in your endeavors.
H2
366) Appraiser Qualifications
07/24/08
Dear Henry,
I received a call today from someone whose parent had recently passed away and needed appraisals on two single family dwellings and one land only property for the purposes of fair market value to provide to the IRS. The caller seemed to need the assurance that I was “qualified” to work with the IRS and stated that she would need an appraiser with a special appraisal “designation” beyond the State approved Certified Appraisal License. I hold a California State Certified General License and the properties are also in California within my typical territory. I have been appraising residential properties for over 20 yrs within this area. I am familiar with the appraisal designation MAI and the Appraisal Institute but this is not typically required in our area. Please let me know if you have any additional information regarding this type of appraisal request or any special requirements/data beyond the typical information that should be noted on the appraisal. Thank you!
Bonnie K. bkapprsl@comcast.net
Dear Bonnie,
I know of nothing that prevents a client from ordering an appraisal only from an appraiser with a specific designation or special qualifications. Some clients ask appraisers to provide a summary of their qualifications, experience, references, designations, etc. before they hire them. You may certainly attempt to reassure your potential client that you have the necessary expertise, but they still may elect to hire someone with other qualifications or designations.
H2
I received a call today from someone whose parent had recently passed away and needed appraisals on two single family dwellings and one land only property for the purposes of fair market value to provide to the IRS. The caller seemed to need the assurance that I was “qualified” to work with the IRS and stated that she would need an appraiser with a special appraisal “designation” beyond the State approved Certified Appraisal License. I hold a California State Certified General License and the properties are also in California within my typical territory. I have been appraising residential properties for over 20 yrs within this area. I am familiar with the appraisal designation MAI and the Appraisal Institute but this is not typically required in our area. Please let me know if you have any additional information regarding this type of appraisal request or any special requirements/data beyond the typical information that should be noted on the appraisal. Thank you!
Bonnie K. bkapprsl@comcast.net
Dear Bonnie,
I know of nothing that prevents a client from ordering an appraisal only from an appraiser with a specific designation or special qualifications. Some clients ask appraisers to provide a summary of their qualifications, experience, references, designations, etc. before they hire them. You may certainly attempt to reassure your potential client that you have the necessary expertise, but they still may elect to hire someone with other qualifications or designations.
H2