After reading the two current posts regarding HBU, what happens when the SOW changes and the appraisal becomes a commercial assignment? I know CRs think they are qualified to appraise land, but doesn't GREAB say otherwide? Does the appraiser need to now tell the client they are not qualified/competent to appraise the property? We all talk about licensed and $1M properties, but there is never any talk about acreage tracts being appraised by licensed and CRs, regardless of the zoning of the property.

Depends on intended user and FRT.

At one time there was a chart showing what each level of licensing could and could not appraise. I haven't seen that in awhile, but maybe John has it on the website.

Every assignment requires a certain license level, knowledge, experience and perhaps a mentor. I have many hours on complex appraisal assignments but I cannot afford to switch to a full time commercial appraiser.

For me it is about income and how much longer I am going to work.

MEP

I will put together a chart but in the meantime, this should suffice.   The following is a quote from the GREAB web site and refers to a licensed appraiser.   A licensed appraiser can do anything that is not federally related.   A licensed appraiser cannot do any non-residential property for a federally related transaction except those properties with a transaction value of less than $250,000.   The transaction value is the contract amount.   If for refinance, the transaction value is the loan amount.

It is up to the lender do decide if the transaction is federally related.

”A licensed appraiser may perform any appraisal that is not to be used in a federally related financial transaction and may perform appraisals for use in a federally related financial transaction in the following categories:


1. Non-complex one to four unit residential properties where the value of the financial transaction does not exceed $1,000,000.00 and
   
2. Any type of property where the transaction value is less than $250,000.00.

In federally related transactions licensed appraisers may not appraise real estate where a development analysis/appraisal is necessary and utilized."

link

Thanks for the link, pappy.   I knew I'd seen this somewhere.   I am going to make it a permanent part of my pdf collection.

John