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What is a Pennsylvania State Certified
Appraiser & Why do I need one?
There are four kinds of appraisers in
Pennsylvania
Pennsylvania Certified General -- These
appraisers have met their education and experience prerequisites and passed the general certification exam. They can now appraise virtually all types of property: residential, commercial, both federally related and non-federally related.
Pennsylvania Certified General Appraisers work primarily
on commercial appraisals which include rental units of 5
or more in a building.
Pennsylvania Certified Residential -- These appraisers have also met their education and experience requirements, passed their exam and can appraise all categories of residential property, federally and non-federally related.
Pennsylvania Certified Residential Appraisers work primarily
on residential appraisals which include single family
homes and rental units of 4 or less in a building.
Pennsylvania Broker-Appraiser -- Available ONLY before Sept. 3, 1998, and now reserved ONLY for those who held their broker's license before 9/3/96 and who formally registered. Although not permitted to do federally related appraisals, broker-appraisers may complete fee appraisals for estates, divorces, private owners, third party companies and other non-federally related assignments.
Pennsylvania Broker-Appraisers can work on
residential and commercial appraisals. However, they do
not have the training of Certified Appraisers and due to
this lending institutions will only hire their Certified
counterparts for more complex and federally related transactions.
Also, for tax appeals,
County assessment boards want appraisals performed by
Certified Appraisers.
Pennsylvania Certified Evaluator -- Relating to ad valorem tax appraisals by Pennsylvania tax assessors.
Pennsylvania Certified Evaluators work primarily
with their respective Counties to assess properties for
tax purposes.
Pennsylvania Certified Residential Appraisers have to
complete the following for certification:
Education: An applicant shall submit evidence to the Board of having
completed 120 classroom hours of courses in subjects related to real estate
appraisal, including the 15-hour National Uniform Standards of Professional
Appraisal Practice Course.
Experience: In addition to meeting the education requirements, an applicant
shall submit evidence to the Board of having completed 2,500 hours of
acceptable appraisal experience obtained during no fewer than 24 months.
Fifty percent of the experience obtained by an applicant shall be in the
actual preparation of real estate appraisal reports which include a physical
inspection of the interior and exterior of the subject property.
Pass Pennsylvania State issued Examination
Pennsylvania State certified residential real estate appraiser.
An applicant who has passed an examination and who is certified under this section will be deemed
to have met the minimum criteria for the certified residential real property
appraiser classification adopted by the Appraiser Qualifications Board of
the Appraisal Foundation, and shall be qualified to perform residential real
property appraisals in Federally-related and non-Federally related
transactions without regard to value.
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WARNING! |
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HVCC & YOU! On May 1, 2009 the HVCC was initiated
throughout the Country on every mortgage transaction that
involves an appraisal that is sold to Fannie Mae and Freddie
Mac. This involves all conventional loans which prior to the
present meltdown was approximately 70% of all lending. With
the banking system crippled, conventional loans seized up
and nearly came to a halt. Presently, the conventional
mortgage market is still trying to get back on its feet
albeit very slowly and cautiously. Then there is the HVCC.
The HVCC came about due to pressure put on an appraisal
management company called eAppraiseIT by a large mortgage
lender Washington Mutual in the State of New York. The
Attorney General of New York created the HVCC. To stay out
of litigation (even though not directly involved), the
appellant in the case (The State of New York) arranged to
have Fannie Mae (FNMA) sign an agreement that all loans
placed through FNMA & Freddie Mac would have to adhere to
this new HVCC.
“We knew this was causing extreme hardship to the industry,
but we didn’t expect to get thousands of horror stories from
would-be homebuyers whose dreams have been dashed by this
well-intended, but misguided policy. Every day thousands of
people are getting the rug yanked out from under them in
their quest to become homeowners because of HVCC. You only
need to go to our petition website to read the stories for
yourself,” said Kearns. READ MORE... |
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