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Office of Real Estate Appraisers

Office of Real Estate Appraisers. 1102 Q Street, Suite 4100 Sacramento, CA 95814 Greg Harding (916) 440-7874. OREA Update Overview. Licensing Statistics Enforcement Statistics Enforcement Liability Issues. Licensing Update. Active Licenses (Eff. 5/13/05) - 17,822

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Office of Real Estate Appraisers

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  1. Office ofReal Estate Appraisers 1102 Q Street, Suite 4100 Sacramento, CA 95814 Greg Harding (916) 440-7874

  2. OREA UpdateOverview Licensing Statistics Enforcement Statistics Enforcement Liability Issues

  3. Licensing Update Active Licenses (Eff. 5/13/05) - 17,822 License Level (1/1/01) - 11,070 61% Increase

  4. Active Licenses by Type AT 35% AL 24% AR 22% AG 19% Average Age 48 Certified Levels 52 Average Age Trainee 43 Male 72% Female 28%

  5. New LicenseesTrainee Applications 2001 1048 2002 3057 2003 5627 2004 5357 Exam Pass Rate (Avg.) Initial 40% Re exams 54%

  6. Actual New LicenseesAT Level 2001 595 2002 1208 2003 2756 2004 3085

  7. Enforcement Unit Statistics 2004 Complaints Submitted 430 8.3/Wk Cases Opened 232 4.5/Wk Cases Screened/Not Opened 198 3.8/Wk Cases Closed 197 3.8/Wk

  8. Enforcement Unit Statistics First Quarter 2005 Complaints Submitted 127 9.8/Wk Cases Opened 64 4.9/Wk Cases Screened/Not Opened 63 4.9/Wk Cases Closed 56 4.3/Wk

  9. Enforcement Unit Statistics (continued) Complaints by License Type AG 27% AR 37% AL 29% Others 7% (AT’s & non-licensees) Property Types Residential, 2-4 Units, & SFR sites = 80%

  10. Complaint Origination • Lenders • Regulatory Agencies • Office of Thrift Supervision (OTS) • Federal Deposit Insurance Corporation (FDIC) • U.S. Dept. of Housing & Urban Development (HUD) • FNMA/FHLMC • Review Appraisers • Other Clients and Homeowners

  11. Appraiser Liability Issues (General) • Poor Mentoring of Trainees • Overall Lack of Due Diligence • Succumbing to Lender/Client Pressure • False Certifications/Forgeries

  12. Appraiser Liability Issues (General) • Poor Educational Offerings • Assembly Line Appraisal Shops • Problems With AMCs

  13. Appraiser Liability IssuesUSPAP Violations • Competency Rule • Intended Use/User 1-2(a), (b) • Relevant Property Characteristics 1-2(e)(i) • Scope of Work 1-2(f)

  14. Appraiser Liability IssuesUSPAP Violations • Extraordinary Assumptions 1-2(f) • Sales Comparison Approach 1-4(a) • Cost Approach 1-4(b) • Income Approach 1-4(c)

  15. Appraiser Liability IssuesUSPAP Violations • Sales & Listing History 1-5(a)(b) • Inappropriate Boilerplate

  16. Appraiser Review Liability • Geographic Competency • Non-Compliance with S.R. 3 • Ensure Receipt of Pertinent Data for Review Assignment

  17. Trainee’s Goals • Good Quality Basic Education • Search for Professional Mentor • Maintain Accurate Work Logs • Network (Professional Organizations)

  18. Investigative Process/Licensee’s Rights • Initial Conference • Investigative Report/Findings • Citation/Accusation/Private Reproval Document/Stipulated Settlement • NOD/Schedule Hearing • Administrative Hearing/Decision

  19. OREA Update QQUESTIONS Questions?

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