If you choose to complete a hybrid or bifurcated appraisal, you need to pay attention and ask yourself a few questions.
- Is the fee I am receiving for completing this assignment reasonable for the scope of work I must perform. Notice the term customary was not used as these products are new and there is no customary fee YET. But if you accept them at a fee not in line with your time, experience and risk, there soon will be a customary fee.
- Are my actions a risk to my license and livelihood?
- If I cut corners to compensate for a non reasonable fee, what are the consequences if I have a complaint files against me with the Virginia Real Estate Appraiser Board?
Remember back in December, the Georgia Real Estate Appraiser Board found an appraiser guilty of 23 state and USPAP violations revolving around a hybrid appraisal. Want to know what your board members will do here in Virginia? That is simple; attend the Virginia Real Estate Appraisal Board Meeting on Tuesday February 11th at 10:00 AM to find out.
Rumor has it there are several disciplinary cases against appraisers revolving around hybrid appraisals. The Virginia Real Estate Appraisal Board Meeting is open to the public and there will be a public comment period for anyone who wishes to address the Board.Come see first hand the outcome of these cases.
Thank you for supporting VaCAP!