Scenario:   I contacted GREAB on the matter, but the "information specialist" would only refer me to the appraisal act and would not make a comment on my question, even though I explained that there are many different interpretations by many appraisers on the statements made in the appraisal act.  I was unable to navigate through the appraisal act to find the answer.

 

My friend, a Licensed Appraiser and asked me to assist him on a million dollar+ appraisal.  His client will be a homeowner that wants a market value appraisal in order to decide how much to increase his insurance.  It will be sent to his insurance company.  He thinks he cannot do it because the appraisal because it is over a million dollars and he is not a CR.

 

I told him that he CAN do it because it is NOT a Federally Related Transaction.  A non-FRT can be performed by any classification level and this is not an FRT.

 

There is no law prohibiting any license level from appraisals such as:

 

divorce

pre-listing appraisals

 

Answer:  You are correct.  The million dollar limit includes only federally related transactions.  There is no dollar limit on any appraisal that is not for a FRT.

 

Quote:

 

This GREAB Spreadsheet summarizes the limits of each appraisal category.

 

Make absolutely sure you make a comment that the appraisal may not be eligible for a federally related transaction.

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