Our Guarantee to Our Students:In the past three years, actions against appraisers from either AMC’s, their State regulators or in civil court is estimated to have increased by 500%*. This course is so crucial to the appraisal profession that we are offering a very unique guarantee. If you attend this course and are not satisfied that you have learned something of value, your attendance fee (less $25.00 for hotel expenses and syllabus) will be refunded. You will still retain your completion certificate.

"Developing and Reporting a Defensible 1004 Form Report" (AP 202)
(Includes discussion of the new 1004MC form.)

"You need this course even if you don't need the hours!"

Learn the 8 Common Appraisal Report Errors

• Protect Against Lawsuits and Fines
• Learn Directly from Highly-Acclaimed Expert John Ohlin
• Earn 8 Hours CE Credit (No Exam!)
• Lots More!

Foreclosures at Record Levels—Lenders Now Sue Automatically

Appraisers like you are being sued by lenders and being brought before state real estate regulators for investigation. And, this is happening in record numbers (a 500% increase in the past three years*). After all, the lenders want to recover their losses on the record amounts of foreclosures.

It is estimated that 40%* of non-governmental lenders have standing instructions when a loss is suffered to turn the appraiser over to the state for investigation, and to file civil suit against that appraiser. That appraiser could be you!

Does This Frighten You? It Should.

Why? With the meltdown of the Sub-Prime and Alt-A markets, these investors are taking unprecedented losses. In turn, they are looking to residential real estate appraisers to recover those losses.

So What Do the Attorneys Know that You Don’t?

Lenders retain smart lawyers who know Uniform Standards of Professional Appraisal Practice (USPAP) inside and out. They seek to discredit your knowledge, expertise, and credibility in court, and they usually win, even if the valuation of the property was correct. If you commit any of the 8 Common Appraisal Report Errors that almost all appraisers unknowingly make, you are basically sunk. The lender’s attorneys will use two USPAP sections:

Standard 1-1(b) and 1-1(c).

Standard 1-1(b) states “An appraiser must not commit a substantial error of omission or commission that significantly affects an appraisal.” Standard 1-1(c) states “An appraiser must not perform appraisal services in a careless or negligent manner, such as by making a series of errors that, although individually might not significantly affect the results of an appraisal, in the aggregate affects the credibility of those results.” It is the series of errors that state regulators and plaintiffs attorneys are focusing on.

Okay, So What Does “A Series of Errors” Mean?

8 Common Appraisal Report Errors

There are 8 Errors commonly made by residential appraisers that most are unaware they are making! Attorneys will scour your appraisal report to find at least one of these errors. Two errors violate federal law, three are Fannie Mae requirements that typically are not reported at all, and three are USPAP violations. We have yet to have a student in our classes who does not make all or most of these eight errors!

Fannie Mae’s Form Changes Confuse and Compound Mistakes

When Fannie Mae changed the 1004 Form Report, a lot of new questions were added that appraisers answer incorrectly! When we review students reports, as we will do for you when you attend our CE course, the errors associated with the ignorance of the 8 Common Errors plus the errors made by not answering Fannie’s questions correctly, often exceed 15 errors-yikes!

“Your Honor, people of the jury, this appraiser’s a fraud!”

The plaintiff”s attorney will attempt to show the judge and/or jury, through compiling a series of errors in your report, that you lack competency and thus, defrauded their client the lender.

You Must Know This!

“Developing and Reporting a Defensible 1004 Form Report” (AP 202) will not only teach you the 8 Common Appraisal Report Errors, and not only the correct way to answer the questions Fannie Mae is asking, but also lots of other essentials to protect your business from lawsuit and fines.

You will learn:

• Legal & Accounting defensive strategies
• Appraisal adjustment techniques
• Defensive strategies if sued in Civil Court
• The difference between a Federal Suit and Civil Suit and what that means to you
• About Subpoenas and Search Warrants
• Protecting yourself is computers/files are removed from your office via warrant
• What Fannie Mae is looking for when answering the form questions on the 1004 report
• Over 35 areas of the 1004 form report where if you make one error, it could be multiplied two or three times throughout the report
• The USPAP violation made by most residential appraisers
• The USPAP section most likely to sink you in a lawsuit

You will be provided with:

• A course syllabus (work book)
• A sample Privacy Policy
• A sample Engagement Letter
• Resource addendum
• Sample text for over ten areas of the report that will help immunize you against a law suits and help you improve the professionalism of your reports

*Data available upon request.