LiveValuation Magazine: Maintaining Your Workfile

UPDATE! Since the demise of LiveValuation Magazine, the links to the article are dead. The article is now posted on my SCRIBD page, and available after the jump

This topic is also addressed in the Appraiser Active MAYHEM post.

The September issue of LiveValuation Magazine has an article written by yours truly on the subject of workfile maintenance and retention. Maintaining Your Workfile was written to remind appraisers your first line of defense in the event of a suit or complaint is your workfile.

UPDATE:  Over on the Appraiser Law Blog, there is a new post with information about the statute of limitations for suing appraisers. It's worth reading, if only for this quote:

Because this is so frequently misunderstood by appraisers, let me say this first: the relevant time period for suing an appraiser or AMC about an allegedly bad appraisal has nothing to do with USPAP's minimum 5-year record keeping requirement.  (Don't throw those workfiles away!) 

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New Laws, New FREAB Members

The Florida Real Estate Appraisal Board held their regular meeting in Orlando April 2 and 3, 2012. This was the first meeting for newly appointed Certified Residential member Matthew Simmons. Matt is a REALTOR® and the Residential Manager for Fort Myers based Maxwell & Hendry Valuation Services, Inc.

The Governor made additional appointments to the FREAB just prior to the April meeting. The current Chair, Evalyn (Fran) Oreto, was appointed to fill one of the Appraisal Management Company positions, and Certified General Appraiser, Mike Rogers, was appointed to a second term. Although she did not attend the April meeting due to the late date of the announcement, Governor Scott also appointed Tamara Jones McKee to fill the vacant Consumer spot on the FREAB. These appointments fill all the vacant positions on the FREAB. 


For fans of Burn Notice, Tamara Jones McKee might be familiar!

The FREAB considered over 20 disciplinary cases. At least six involved a voluntary surrender of license for permanent revocation.

One of the most interesting discussions involved the board developing an answer to a question about out of state reviewers of appraisal reports; must they be licensed in Florida? Although the FREAB did not issue a formal declaratory statement, the consensus made it clear they believe providing appraisal services related to a property in Florida requires registration, license or certification in the Sunshine State.

In addition to making appointments to the Florida Real Estate Appraisal Board, the Governor signed two important bills into law. HB 887 and HB 517 were signed into law on April 8, 2012. HB 887 is effective October 1, 2012, and HB 517 is effective July 1, 2012. There are some important chances to Chapter 475, Part II in both. Most notably, HB 887 establishes discipline if an Appraisal Management Company:

(v) Has required or attempted to require an appraiser to sign any indemnification agreement that would require the appraiser to hold harmless the appraisal management company or its owners, agents, employees, or independent contractors from any liability, damage, loss, or claim arising from the services performed by the appraisal management company or its owners, agents, employees, or independent contractors and not the services performed by the appraiser.

FREAB Meeting - April 2 and 3, 2012

The Florida Real Estate Appraisal Board (FREAB) will be meeting in Orlando April 2 and 3, 2012. This will be the first meeting that includes two FREAB members that represent Appraisal Management Companies.


A couple of weeks ago, Governor Rick Scott appointed Evalyn F. (Fran) Oreto to the second AMC position.  At the same time, Governor Scott appointed Michael J. Rogers to a second term, filling one of the State-Certified General Appraiser positions. Fran Oreto had just completed a term as a State-Certified Residential Appraiser member. She served as Chair of the FREAB in 2011, and was elected as Chair for 2012 during the February, 2012 meeting. 


As another March, 2012 appointee, Matthew S. Simmons  will be attending his first meeting as a State-Certified Residential Appraiser member.


Since I will be attending the Probable Cause Panel meeting on Wednesday, April 4th as a past  member of FREAB, I had planned to attend the Monday and Tuesday sessions. Unfortunately, due to assignment deadlines and workload, I won't get a chance to get up to Orlando until Tuesday morning. We'll try to get some photos and an update posted later this week. It should be an interesting meeting.