Tagged: liability

October 15, 2015

Claims, Complaints and E&O Insurance

E&O vs. General Liability First some background. Errors & Omissions (E&O) is malpractice insurance for mistakes in your report- say you measure square footage incorrectly. General Liability (GL) covers property damage and bodily injury while you’re at the premises and more. Examples of GL claims are, if during a walkthrough you knock over and break a vase (property damage), or back over and injure a homeowner as you exit the driveway (bodily injury). Business Owners Packages (BOPs) typically go beyond the job site, providing coverage for losses to your own business, such as a trip and fall at your office,...

Appraisal / Appraisal News / Appraisers News / E&O / Errors & Omissions / Indemnification Clauses

FHA vs USPAP - FHA vs USPAP - FHA requirements – Appraisers Caught in Catch 22

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August 10, 2015

FHA Requirements vs USPAP

FHA Requirements vs USPAP – Appraisers Caught in Catch 22 Excerpt The new FHA Handbook will become effective on September 14, 2015. There has been much discussion of the implications of changing “should” to “must” in thousands of examples in the Handbook. As a Board member of the Arizona Association of Real Estate Appraisers as well as being on the FHA Roster, I have taken a good hard look at these requirements and then, it hit me as I was teaching the Uniform Standards of Professional Appraisal Practice (USPAP) which is the basis of appraisal standards for every appraiser in...

AAREA / AMC / Appraisal / Appraisal Management Companies / Appraisal Organizations / Arizona Association of Real Estate Appraisers

FHA Appraisers Increased Liability & Responsibilty with New FHA Requirements

May 26, 2015

FHA Appraisers Increased Liability with New Requirements

FHA Appraisers Increased Liability & Responsibility with New FHA Requirements Excerpt New FHA Requirements Put More Responsibility and More Liability on FHA Appraisers After reviewing the new HUD handbook, my overall conclusion is that there were not many changes to the overall requirements other than the word MUST. The prior handbook was a list of items that should be completed and verified whereas the updated HUD handbook clearly states that the properties MUST meet these items and the appraiser MUST verify the items in question. The following is a list of FHA requirements that MUST be completed and verified by the appraiser....

AAREA / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Arizona Association of Real Estate Appraisers

July 23, 2012

Drive By Upgrade

How many times have you received a drive-by assignment only to come across a view from your car like the image below? This was my view back in the summer of 2004. I notified my client that they needed to upgrade to a full interior/exterior inspection appraisal. The loan officer had a fit. “The house is over 4,000 square feet. They just put $100,000 into a new addition and installed a massive new deck!” barked the loan officer. “Then I definitely need to get inside,” I said. She cancelled the order. When they took back the house in 2008, none of...

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