Blog
NC Appraisal Board Votes to Seek Lower Appraisal Education and Experience Requirements
Note: Please see my Feb 13, 2018 blog post for background information and prior action on this topic. Lower education and experience requirements for Certified Residential Appraisers could be on the way in North Carolina. On November 8, 2018,...
Who Does the Broker Represent?
Don’t be Afraid to Sign the Agency Disclosure The Scenario: Buyers see a house they like and call the listing agent shown on the sign out front to arrange to see the house. While at the house, the buyers tell the listing agent that their motivations,...
Appraisal Experience Online?
Will an appraisal trainee be able to get their required appraisal hours using an online virtual experience? Yes, according to the Appraiser Qualifications Board (“AQB”) and their Practical Applications of Real Estate Appraisal (“PAREA”) initiative. At the...
AQB Public Meeting in Raleigh on September 28th
The Appraiser Qualifications Board's (AQB) meeting location rotates around the country. This is a rare opportunity to attend an AQB meeting here in our home state. Historically, the AQB has accepted comments from audience members who ask to speak. The Appraiser...
Fannie Mae’s 1004MC: A Thing of the Past?
This past weekend, Fannie Mae announced at the Appraisal Institute’s Annual Conference that it would be updating its Selling Guide with a number of changes. The most significant change appears to be the removal of the 1004MC requirement in 1-4 unit residential...
New North Carolina Appraisal Board Members
New members of the North Carolina Appraisal Board are expected to be sworn in soon. Governor Roy Cooper is expected to appoint: Mike Warren of Carteret County. Mr. Warren is a certified appraiser. Viviree Scotton of Orange County. Ms. Scotton is a certified...
Stop Using Tax Records as a Source of Square Footage in MLS
This week the NC Real Estate Commission warned listing brokers (again) to stop using the square footing in the tax records in their listings. It remains a sad commentary on the profession for so many listing brokers to continue advertising this material fact in...
NC Supreme Court: Lender and its Appraiser Have No Duty to Disclose Appraisals to Borrower
On December 18, 2015, the North Carolina Supreme Court decided a dispute about whether a lender and appraiser had a legal duty to disclose appraisals to a borrower during the underwriting process. The court ruled in favor of the lender and appraiser, holding that the...
Learning from the experts
After one of our recent trainee series classes, we held an optional session and invited some Appraiser Supervisors to stop by to share some thoughts and answer questions from our trainees. It was a very successful event. Supervisors described their...
NC Supreme Court Confirms Brokers May Be Eligible to Testify to “Value”
In a March 2, 2018 opinion, the North Carolina Supreme Court held, in North Carolina Department of Transportation v. Mission Battleground Park Leaseco, LLC et. al., that a real estate broker may be able to testify as to the fair market “value” and would not be...
Congress Addressing Appraisal Shortage with Pending Law Change
On March 1, 2018, the United States Senate further considered pending Senate Bill 2155 "Economic Growth, Regulatory Relief, and Consumer Protection Act" sponsored by Sen. Mike Crapo of Indiana. The Bill has 25 cosponsors, including Sen. Thom Tillis of North...
AQB Lowers Minimum Qualifications to Become an Appraiser
Effective May 1, 2018, the Appraiser Qualifications Board (ABQ) will slash the long-time minimum requirements to become an appraiser. Many see this substantial change as a response to the nationwide appraiser shortage and to lenders applying to the ASC for a waiver...