An Appraisal Management Company has one purpose, to be an unbiased third-party middleman between the lender and the appraiser. Their sole purpose is to eliminate undue pressure on the appraiser; to insure appraiser independence. This is mandated in both Federal and State Statutes throughout the country. When you provide pressure, threaten a complaint to the… Read More: Suspended – AMC & Chief Review Appraiser »
The local television station WWBT, NBC 12 in the Richmond market is airing a story on Thursday February 22 during the 6:00 News Broadcast about racial bias in real estate appraisals. We know this is not a new topic and previous stories that have aired have been extremely one sided and not from the appraiser’s… Read More: It’s Just Responsible Journalism »
At the recent Virginia Appraisal Board Meeting on Wednesday June 28th, a discussion occurred about Appraisal Management Companies prohibiting appraisers from including their invoices with the appraisal report. The overall consensus of the Board Members was this practice could be a violation of Virginia Appraisal Management Company Statute § 54.1-2022 B. “B. The appraisal… Read More: Could it be True? »
“If you don’t have a seat at the table, you are on the menu.” Would it be misleading to disclose you performed a personal inspection of a property done with significant appraisal assistance in which you relied on supported demographics? Well maybe… The Appraisal Foundation has… Read More: Have a Seat Please »
The Appraisal Foundation has issued an exposure draft for Advisory Opinion 16. Advisory Opinion 16 is Fair Housing Laws: Avoiding Bias in Real Property Appraisal and Appraisal Review Development and Reporting. Unlike other exposure drafts, the text of the advisory opinion has been rewritten. The traditional strike through of word or phrase changes is nonexistent.… Read More: The Appraiser’s Conundrum »
If you have been doing appraising for any time at all, you have likely experienced some of the more irritating aspects of our profession: the AMCs, the call backs, or one of my personal favorites, a Realtor’s protest “the idiot appraiser doesn’t know it’s supply and demand! I have a buyer!’’ An old folk story… Read More: Are You Building a Cathedral? »
This is a call to action! Comments on the proposed changes to the 2022-23 USPAP are needed The proposed changes to the reporting requirement of Standard 2 may impact the profession negatively and confuse the public on who we are and what we do. We ask that each and every one of you pause for… Read More: Pause- Take Action Now! »
The Virginia Real Estate Appraisal Board meets tomorrow February 11th @ 10:00 AM. The meeting will be held at the DPOR offices located at 9960 Mayland Dr Suite 200 Richmond, VA 23233. There will be a public comment period allowing anyone to address the board with questions, comments or concerns. There are lots of changes… Read More: VREAB Meeting with CE Credit »
Some are for and some are opposed. It is a business decision on which types of assignments you choose to accept. 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 … Read More: Hybrids and the State Appraisal Board »
VaCAP has extended the registration for our USPAP Classes in February until 6:00 PM Sunday January 26th Lunch is provided by VaCAP in Virginia Beach and First Bank is providing lunch in Abingdon We can not guarantee you seat if you miss the deadline, so register now. This is an AQB approved required course taught… Read More: USPAP Class Registration Extended »