Real estate appraisals require more time, effort and cost to prepare than evaluations. The difference is the appraisal includes an informed opinion of value whereas an evaluation includes an estimate of market value. When an estimate of market value is sufficient to meet interagency guidance, then why not use an evaluation?
The problem is finding someone qualified to prepare an evaluation. Appraisers are the most qualified, but appraisers have to comply with the 2016-2017 Uniform Standards of Professional Appraisal Practice (USPAP) which typically means that they have to prepare an appraisal, not an evaluation. So how can an institution use a qualified appraiser to prepare an evaluation? One way to solve this problem is to hire an appraiser to develop a Restricted Appraisal Report. But Restricted Appraisal Reports may not include sufficient information to meet interagency guidelines unless you know how to structure the scope of the appraiser’s assignment.
When engaging an appraiser to develop a Restricted Appraisal Report you must also know how to comply with appraisal regulations to avoid any conflict with state appraisal boards. In some states the penalties can be severe including possible jail time if appraisers don’t follow the rules. This timely webinar is designed to unravel the appraisal regulations so you can use appraisers to satisfy your need for real estate evaluations and avoid possible fines or penalties associated with non-compliance.
WHAT YOU’LL LEARN
During this session you will learn to:
- Identify what to include in an evaluation to satisfy the regulators and to comply with appraisal regulations
- Determine who can prepare an evaluation and which evaluation report format they can use
- What to consider when assigning an evaluation to a licensed or certified appraiser
- Determine when you can rely on existing evaluations in subsequent transactions
- How to validate AVM models prior to incorporating them in evaluations
- How to incorporate tax assessment valuations into evaluations
- AND MUCH MORE!
YOUR CONFERENCE LEADER
Your conference leader for "Complying with Appraisal Regulations When Conducting Real Estate Evaluations” is Gary Deutsch, president, BRT Publications LLC. Mr. Deutsch is a licensed CPA in Maryland and has a B.A. in accounting and an MBA in finance from Loyola University Maryland. He has also achieved the Certified Management Accountant, Certified Internal Auditor and Certified Bank Auditor designations. Mr. Deutsch is the founder and president of BRT Publications LLC. Mr. Deutsch has trained thousands of financial institution professionals in all aspects of risk management and has written numerous books in the U.S. and Europe on topics such as credit risk, internal audit and compliance with Generally Accepted Accounting Principles. Mr. Deutsch has extensive risk management and internal audit experience through his association with financial institutions of all sizes as well as through his role leading the KPMG financial institution consulting practice in the Mid-Atlantic region.