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Some appraisers who lost their licenses after unethical behavior during the housing boom are staying in the real estate business.
They're becoming real estate agents, according to a report by the national Center for Public Integrity.
Instead of appraising homes for sale, some just obtained a license to sell homes for a living.
carefull before you trust your realtor...check out his license and see if you can see what other licenses he might have had....
In Fl you can check and find previous licenses that are nul and void...
I even came across a real estate agent/broker who had a license in construction and to do electrician work...after running into a listing of which he seems to be the owner, also having done construction work and the realtor who trying to sell it (from the same brokerage), who was at least very honest but there was also no way she could deal with this listing in any other way...it came out that they house has cracks in the foundation, etc...and basically causing the homes total demolition so you have to pay for the lot. All other properties are in foreclosure and it looks like a mess and a web of decieve with like 8 LLC's all listed for his properties. Property management, HOA LLC, construction LLC, real estate LLC, etc..
So check out and you will find one who will be good, and get away from these shabby figures.
Appraisers don't always lose their license due to fraud. And quite frankly, until the NAR improves the ethics and competence requirements of its own members I don't think a few appraisers who lost their license is going to make much of a difference.
Disclaimer: Yes, there ARE good, honest and competent realtors and loan officers out there. They are excluded from my statement.
I have not seen this problem in this area. When it all shakes out the good agents, appraisers & inspectors will be the only ones left in the business (mostly). From my experience, Usually appraisers don't have the skills to be on the retail side of the business.
I've seen several agents who did not like dealing with the public go into appraising but not vice versa. They usually make good appraisers since they understand the process better.
I've seen several agents who did not like dealing with the public go into appraising but not vice versa. They usually make good appraisers since they understand the process better.
And quite frankly, until the NAR improves the ethics and competence requirements of its own members I don't think a few appraisers who lost their license is going to make much of a difference.
The heck with NAR...., it's the requirements at the state level that are so lax. The general public rarely distinguishes between a Realtor and a real estate agent.
Here are the minimum educational requirements, in my state:
The heck with NAR...., it's the requirements at the state level that are so lax. The general public rarely distinguishes between a Realtor and a real estate agent.
Here are the minimum educational requirements, in my state:
Real estate license - 45 hours
Home inspection licence-60 hours
Appraisal license- 75 hours
Loan officer/underwriter - None
Those 75 hours are just to get a trainee license. In order to receive a full license people need:
For State Licensed 150 hours of qualifying courses and 2,000 hours of work experience under a Board approved Supervisor in no less than 12 months
For Certified Residential 200 hours of qualifying courses (and a minimum of an Associates degree) and 2,500 hours of work experience under a Board approved Supervisor in no less than 24 months.
An Appraiser Trainee cannot work independently. These criteria are the same everywhere because they are Federally mandated.
And that in many states a Loan Officer does not need to be licensed totally blows my mind.
I have not seen this problem in this area. When it all shakes out the good agents, appraisers & inspectors will be the only ones left in the business (mostly). From my experience, Usually appraisers don't have the skills to be on the retail side of the business.
I've seen several agents who did not like dealing with the public go into appraising but not vice versa. They usually make good appraisers since they understand the process better.
I agree with you that only the good ones will be left. IF we all can hang on long enough.
I know many appraisers who have both an appraisal and a sales license. I don't want one because I don't have the disposition to deal with people on that leve3l, but my partner Goodpasture had one for years, until it expired the end of May and we missed it.
Some appraisers who lost their licenses after unethical behavior during the housing boom are staying in the real estate business.
They're becoming real estate agents, according to a report by the national Center for Public Integrity.
Instead of appraising homes for sale, some just obtained a license to sell homes for a living.
carefull before you trust your realtor...check out his license and see if you can see what other licenses he might have had....
In Fl you can check and find previous licenses that are nul and void...
I even came across a real estate agent/broker who had a license in construction and to do electrician work...after running into a listing of which he seems to be the owner, also having done construction work and the realtor who trying to sell it (from the same brokerage), who was at least very honest but there was also no way she could deal with this listing in any other way...it came out that they house has cracks in the foundation, etc...and basically causing the homes total demolition so you have to pay for the lot. All other properties are in foreclosure and it looks like a mess and a web of decieve with like 8 LLC's all listed for his properties. Property management, HOA LLC, construction LLC, real estate LLC, etc..
So check out and you will find one who will be good, and get away from these shabby figures.
bentlebee you need to remember when you throw out these things that FL has a high level of fraud compared to the rest of the country. What you experience there is not as common elsewhere.
I agree with you that only the good ones will be left. IF we all can hang on long enough.
Schousse,
I agree and that is also part of the problem. I see a lot of good Agents, Appraisers and Inspectors leaving the arena because they can not compete with unethical behavior. I keep hearing over the years from my peers that the $99 Inspector will disappear or get sued out of business. In the past 12 months we have seen a 50% decrease in DFW Inspectors but we still have way too many that should have been gone long ago, and too many that never should have left. The consumer lawsuits are beginning to pick up, but are well overdue for driving out the bad.
I used to have a real estate salesman's license, before the legislation that required licensing and certification of appraisers. Right now, it takes a 4 year college degree plus the appraisal education hours to get the general of certification in Texas. And the failure rate for those taking the test is over 60%.
The salesman license requirements are far below this and I think I can safely say the test failure rate is also much lower.
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