Servicing Arlington, Fairfax, Loudoun and Prince William counties as well as the independent
Virginia cities of Alexandria, Fairfax, Falls Church, Manassas and Manassas Park
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Servicing Arlington, Fairfax, Loudoun and Prince William counties as well as the independent Virginia cities of Alexandria, Fairfax, Falls Church, Manassas and Manassas Park |
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| William G. Hicks, Jr. offers more than 25 years of experience in the unique field of relocation appraising. The winner of several accuracy awards from some of the major 3rd party relocation companies in the world, Mr. Hicks currently serves as President of RAC (Relocation Appraisers and Consultants). RAC is a nationwide organization of independent professionals (only one of two members practicing in the Commonwealth of Virginia) who have distinguished themselves as leaders in the Employee Relocation Appraisal Industry. Mr. Hicks is also a designated member (CRP, Certified Relocation Professional) of ERC (Employee Relocation Council), a professional membership association of organizations concerned with domestic and international employee transfer. He currently serves on that organization's Industry Advisory Council. How to Select a Relocation AppraiserWhat Exactly Do Those Letters Stand For, Anyway?
By Alvin "Chip" Wagner III, SCRP, IFA Wagner describes the essential differences between a relocation appraisal and a mortgage appraisal in areas such as reporting format, intended use, value definition, and comparables, among others. The article is intended for the relocation professional and the transferee. "I just had an appraisal done a couple of months ago when I refinanced my home. Why do I need to have another done now that I am being transferred?" Most real estate professionals who specialize in the relocation industry probably have heard a question similar to this from a transferee. Although the answer is very important, it is not always an easy one for the non-appraiser to answer. The relocation appraisal is an essential component of the relocation process, and transferees need to understand the differences in the types of appraisals. A professional real estate appraiser is a specialist who follows the same set of steps on every appraisal assignment. This is called the appraisal process. Every appraisal requires the same organized collection and analysis of data. After the research is complete, the appraiser must choose a format for presenting the report. The appraiser can select a narrative-style report or a form-style report, depending on the type of property and the intended use and purpose of the appraisal. The most common reason for a real estate appraisal of a residential dwelling is mortgage loan underwriting (both purchase and refinancing). A standardized form report called the Uniform Residential Appraisal Report (URAR) is the most common form, although various new abbreviated forms have been introduced and have become popular in the residential loan underwriting market in recent years. Appraisers may use the URAR for other purposes including, but not limited to, private mortgage insurance (PMI) removal, estate/trust valuation, divorce, estimated market value for buyers or sellers, insurance, tax appeal, and foreclosure appraisals. The 2001 Employee Relocation Council Summary Appraisal Report is now in its fifth revision since its development and industry standardization in 1984. It is a form-style report that requires substantial narrative components and addenda to adequately address the clients' concerns and needs. It is different from all other types of form appraisal reports. To the non-appraiser, some of these differences are very subtle and others are very obvious but not completely understood. The "Difference Between Mortgage Versus Relocation Appraisals" outline ( See Figure 1) was originally developed by ERC and ERC Appraisal Standards Council members and has been used in many seminars, courses, and training materials for years.It has been updated for this article to reflect both the changes in the 2001 ERC Summary Appraisal Report and the latest Uniform Standards of Professional Appraisal Practice. The relocation appraisal has a specific set of definitions and guidelines for appraisers. These guidelines for the relocation appraisal differ substantially from other types of appraisals. This article will directly follow and address the updated outline. Reporting format. The mortgage appraisal uses the URAR, a two-page form that is a comprehensive analysis of the subject property's site and physical characteristics (New abbreviated reporting formats approved by the lending industry allow for even shorter forms and drive-by opinions.). The relocation appraisal is completed on the ERC Summary Appraisal Report, a six-page report, which employs techniques similar to those used for the mortgage appraisal. However, the appraiser must provide a much higher degree of analysis in the narrative portions to complete the form. Intended use. The mortgage appraisal's intended use is to assist the lender in evaluating a property for purposes of mortgage/bank loan underwriting. The intended user of a mortgage appraisal is the client, generally a bank or mortgage company. The intended use of the relocation appraisal is to help an employer facilitate the employee relocation process. The intended users of the relocation appraisal are the appraiser's client (relocation management company) and the employer. Although the report often is shared with the transferee, he or she is not an intended user. Purpose. The mortgage appraisal is used to develop an opinion of the market value of a property. The relocation appraisal is used to develop an opinion of the anticipated sales price of a relocating employee's residence. Value definitions. The two appraisal formats use different value definitions: The mortgage appraisal's definition is called "market value" and the relocation appraisal's definition is called "anticipated sales price." According to the Uniform Residential Appraisal Report/Freddie Mac Form 439/Fannie Mae form 1004B, the definition of market value is: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeable and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale of a specified date and the passing of title from seller to buyer under conditions whereby:
According to the ERC Summary Appraisal Report/ERC Rev. 01/01, the definition of anticipated sales price is: The price at which a property is anticipated to sell in a competitive and open market, assuming an arms-length transaction whereby:
The primary differences in these two definitions are the marketing period, financing considerations, and the type of analysis (forecasting). Marketing period. The mortgage appraisal's definition of market value states a "reasonable time is allowed for exposure in the open market." This opinion of value is without limit. For example, the property's marketing time could be under 30 days, or it could be over two years, of which the latter would not affect the property's final opinion of market value. The relocation appraisal's definition of anticipated sales price requires the appraiser to consider a "'reasonable' marketing period, not to exceed 120 days and commencing on the date of appraisal (inspection), is allowed for exposure in the open market. The analysis assumes an adequate effort to market the subject property." This means if a property's neighborhood or marketplace has typical marketing periods exceeding 120 days, the subject will need to be discounted through the forecasting adjustment. Financing considerations. The mortgage appraisal requires cash equivalency with adjustments to the comparables if there are special or creative financing or sales concessions, but not for costs, which are normally paid by sellers as a result of tradition or law in a market area. The relocation appraisal requires the appraiser to reflect a cash equivalency price with adjustments to the sales prices of the comparables. Dollar adjustments should be made for concessions such as: seller-paid points, buyer's closing costs, interest rate buy downs, seller financing, or any other terms that influence the final sale price. These adjustments are not necessarily dollar for dollar and should reflect the effect on the sales price resulting from the concession. Type of analysis. The mortgage appraisal considers a retrospective analysis, looking at historical data as of the date of sale (or inspection if the property did not sell) without employing forecasting. The relocation appraisal considers a prospective analysis, which employs a forecasting adjustment. According to the ERC Summary Appraisal Report, the definition of forecasting is: ..."the process of analyzing historical trends and current factors as a basis for anticipating market trends. A forecasting adjustment is then applied to reflect any impact these trends will have on the subject property's marketing time and sales price." To arrive at a forecasting adjustment, the relocation appraisal provides extensive room for the appraiser to include narrative data on supply and demand and overall market conditions. Furthermore, the appraiser studies other factors such as absorption rates; current inventory levels in the region, immediate area, or price range; and current competition from new construction. Decision making. The mortgage appraisal uses a long-term decision-making analysis for the life of the mortgage loan, sometimes up to 30 years. The risk generally is lower as lending institutions build a loan default ratio (foreclosure) into their loan portfolios. The relocation appraisal provides short-term decision-making analysis, typically a marketing period of as many as 120 days. The risk is very high because an accurate value in their short-term investment is a must, especially if a home makes it into a company's inventory. A corporate owner of a home typically is the most motivated seller in the marketplace. Items for consideration. The mortgage appraisal identifies categories for the subject's condition, design, and appeal. These are most commonly considered "average" and "typical" in mortgage appraising assignments unless there are significant concerns about the subject property. The relocation appraisal emphasizes the following as critical items for consideration: condition, design, appeal, interior décor, and repairs/improvements. Condition includes modernization, restoration, repairs, and necessary improvements, whereas appeal includes construction upgrades or deficiencies, as well as custom or personalized decorating. The appraiser is asked to address all of these factors pertaining to the subject property in the relocation appraisal in a narrative format, as well as recommend repairs and improvements to enhance the property's marketability. If there are concerns, the appraiser is asked to estimate a cost to cure and address and approximate the market's reaction in the sales comparison grid section of the report. Comparables. Perhaps the most obvious difference between the mortgage appraisal and the relocation appraisal is the use of comparables. A "comparable" is a similar property that the appraiser compares to the subject property. The mortgage appraisal requires three closed sales to compare to the subject. A common underwriting guideline is that these sales should have closed within the past six months and cannot have closed more than 12 months prior to the appraisal. The relocation appraisal asks the appraiser to consider closed sales without limitation. Often, the best sale to compare the subject property to is a home that is the same model, located on the same street, that closed longer than 13 months ago, and that was personally inspected by the appraiser who is using the comparable. One of the easiest adjustments for an appraiser to make and support is a market change/time adjustment. Furthermore, the relocation appraisal encourages the use of pending sales that are under contract if the information can be verified. Such information often indicates the most current market conditions. Finally, the relocation appraisal compares competing sale properties to the subject property. Appraisers use the competing properties to develop a competitive list price for the subject property and consider such properties when developing the final opinion of the anticipated sales price. Photographs. The mortgage appraisal requires a front, rear, and street scene of the subject property and front view photos of the comparable sales. The relocation appraisal requires a front, rear, and street scene of the subject property; interior views of all rooms and baths in the subject property; photos depicting any adverse conditions and inspection concerns; photos of factors within view from the subject property that significantly affect marketability either favorably or unfavorably; comparable sales; and competitive listings. Occasionally, some of the guidelines discussed in this article may be altered at the direction of a client who has supplemental guidelines. Doing the Job Right The appraiser who accepts a relocation appraisal assignment must take the time to write a competent report, discuss that report with the client, and respond to questions from the client. The relocation process is unique to other appraisals in that two or more professional reports are completed on the same property. Requests for review of data reported in another report also are part of the relocation appraisal process. During this review, the appraiser may be asked to analyze additional information to determine if it could have an effect on the original value conclusion.
How to Select a Relocation AppraiserBy Jeffrey M. Barta, CRP
When presented with this topic, the first thing I asked myself was, "Who is the audience?" In fact, that question confronts relocation appraisers daily. The trend of the industry has been to let transferees select appraisers from a list provided by the relocation management company or corporation. Many times, transferees are allowed to choose "off-list" appraisers. This development in our industry has left appraisers wondering where their marketing efforts are best spent. I concluded, therefore, that this topic requires a twofold approach. The first will deal with the selection process from the transferee's viewpoint, while the second will deal with the relocation management company's or corporation's viewpoint. Transferees have been afforded the opportunity to choose appraisers because it is thought to give them an opportunity to be "involved" in the process. ERC's 1992 "Relocation Assistance: Transferred Employees" report indicated that 98 percent of relocation management companies and 86 percent of in-house programs supply a list of appraisers to transferees. Some transferees take this portion of the process lightly and simply choose two names from the list; most others perform varying degrees of research. One of the primary sources of information for the transferee is the real estate brokerage community. Transferees often ask brokers for appraisal referrals. Appraisers spend time cultivating broker relationships for this reason. Appraisers know that future referrals depend, in part, on their standing with the relocation brokers in their markets. The transferee, however, should take the process a step further by asking the broker to discuss the reasons behind the recommendation. If the broker's explanations make sense, then that should suffice; if not, further probing may be necessary. Asking the broker about previous encounters can be an effective method of obtaining more relevant information. Appropriate questions may include: How often does this appraiser call you to verify information on your sales? What appraisers bother you most for information? Is this appraiser proficient in this marketplace? Who else is? Does this appraiser specialize in relocation? Transferees also ask other recently relocated employees for appraiser recommendations. It is not uncommon for a prospective transferee to consult with other recently transferred employees to determine the most "favorable" appraiser or to eliminate a "low" appraiser. This phenomenon has created a problem in the quest for controlling escalating costs in the relocation process. By using this network of former transferees, the employee increases the probability of a higher buy-out figure by culling the "low" appraisers. This development in the process has not been overlooked among appraisers, and it can influence their behavior in an undesirable manner. While most appraisers attempt to maintain their independence, this phenomenon is in conflict with the premise that the appraiser is an unbiased third party. The easy way out for the appraiser is to avoid "low" appraisals if they want future business. The alternative is to offer better service. Unfortunately, human nature generally follows the path of least resistance. The third avenue for the transferee is to "interview" the appraisers. Transferees are using this approach more and more. The problem with this approach is that the transferee rarely has the expertise required to make an informed decision concerning the selection of the appraiser. Very often, transferees stumble through this process with no idea of what they should be asking. Instead of offering an opportunity to be involved in the process, it can offer the opportunity to be frustrated by the process. If the proper questions are asked, however, the interview process can be an extremely useful tool in appraiser selection. Transferees should be comfortable with the appraiser they choose. There are several ways to build this comfort level by asking the right questions. The transferee should ask the appraiser how long he or she has been involved in relocation appraisals and what percentage of time he or she devotes to relocation. The experience levels and time devoted to relocation provide a good unit of comparison between appraisers. Possession of credible designations also should be a selection criterion explored by the transferee. Designations demonstrate the appraiser's commitment to the industry and ability to perform well above minimum standards. State certifications and licenses denote minimum competency and, therefore, are of limited use in selecting a relocation appraiser. ERC's CRPTM designation indicates that the appraiser has a solid foundation of knowledge concerning the relocation industry. Other pertinent information includes the appraiser's familiarity with the employee's neighborhood. Questions regarding the subdivision, school system, and community may offer insight into the appraiser's familiarity with the area. It certainly is appropriate for transferees to ask, "How many appraisals have you conducted in this subdivision (or community) in the past six months (or year)? Another reasonable question is, "Who will actually do the appraisal, the appraiser being interviewed or an associate?" If an associate is performing the appraisal, an interview with the associate may be worthwhile. A common question concerns timing. The time constraints place on the transferee are great. The transferee should ask about typical turnaround times. A longer turnaround should not be an automatic reason for elimination; however, if most appraisers are indicating longer turnaround times, then how realistic is the shorter estimate? Good appraisers generally are in high demand and, therefore, may have a larger workload. It might be worth the wait to get the more qualified appraiser. Another pertinent questions would be, "When was your last relocation seminar?" A serious and responsible relocation appraiser keeps up on the ever-changing industry and should have attendance of recent seminars to his or her credit. The fact that an appraiser devotes time to ERC or to relocation management company panels indicates a commitment to the field that is necessary for excellence and should be rewarded. The problems facing relocation management companies or corporations are not totally different from those of transferees, although their ultimate goals may differ. The transferee is predisposed toward obtaining the highest buy-out amount while the relocation management company seeks accurate appraisals that will result in a fair buy-out figure. Relocation management companies and corporations generally attempt to include only qualified appraisers on the lists they provide to the transferee. One problem relocation management companies and corporations face is that once they give the list to the employee, they lose control of the selection process. Appraisers on the lists usually have varying degrees of experience, education, and expertise, but when the list is presented to the transferee, each appraiser appears equal. One of the quandaries of the industry lies in this process. Appraisers are encouraged to educate themselves and strive for excellence, but the process counteracts that goal by not distinguishing individual professional backgrounds. A major problem facing corporations in the battle to control costs is the selection of off-list appraisers. ERC's 1992 "Relocation Assistance: Transferred Employees" report noted that 47 percent of relocation management companies and 53 percent of in-house programs allow the selection of off-list appraisers. The problems with this arrangement are obvious. Approximately 50 percent of the companies allow their quality control of the appraisal function to be circumvented by the transferee. The off-list appraiser may not be experienced in relocation, may not be familiar with the area, or may be a friend of the transferee. In any event, the relocation management company or corporation loses control of an integral portion of the process. The selection of off-list appraisers must stop if meaningful control of the appraisal process is to be achieved by the relocation industry. The relocation management company or corporation examines designations, involvement in ERC, and past performance in selecting appraisers for their appraisal lists. The reward for an appraiser is repeat business. If the lists provided to transferees are too long, then the appraisers in that area will tend to be less motivated to keep up with relocation appraising because the economics simply are not there. By paring the lists, the relocation portion of an appraiser's business will become more important to the appraiser, who, in turn, will devote more time and resources to maintaining that business. Some would argue that timing will suffer due to a decrease in the size of the appraisal pool. This is not necessarily so. If the appraiser can obtain a consistent flow of appraisal assignments from any source, he or she will adapt to ensure that source will continue. One of the problems facing relocation appraisers is that in most markets they must rely on other appraisal assignments to make a living. If the inflow of relocation assignments increases, most relocation appraisers can divert their other less demanding appraisal assignments to their associates. By providing a higher volume of relocation appraisal work more consistently, the relocation management company or corporation forces the appraiser to devote more time and resources to that portion of his or her business. The market is competitive enough that is should be relatively east to maintain, if not improve, appraisal turnaround times by rewarding highly qualified relocation appraisers with more work. The reduction of the number of "on-list" appraisers also would increase the quality control of the relocation management company or corporation. While it is likely that transferees will continue to be allowed to choose appraisers, the shorter list will provide the reassurance that the best appraisal talent is being used. By providing a more consistent workload to the appraiser, the relocation management company or corporation also will command more attention from the appraiser, out of the need to maintain that business relationship. A lot of attention has been paid lately to statistical variances of appraisers. While statistics can be useful tools in selecting an appraiser, they need to be used as a tool and not as an absolute measurement of the appraiser's performance. Since marketing the property is out of the appraiser's hands, the variances can be skewed. The transfer situation does not involve a
typical seller in the marketplace. As a result, many scenarios can occur that
will affect the appraiser's statistics, which must then be properly interpreted
by the relocation management company or corporation. These scenarios include
overpriced homes, underpriced homes, uncooperative showings, recommended
improvements not performed, poorly marketed properties, and changes in market
conditions.
As with most professions, not all appraisers
are operating on the same level. The selection of the appraiser can make or
break the appraisal process for a relocation transaction. It is imperative that
those selecting the appraiser be willing to do their "homework" to
maintain quality and control costs. Observations and suggestions discussed in
this article could make the process more efficient and effective. By Alvin "Chip Wagner III, CRP, IFA Many users of appraisals do not
realize the education and training that a real estate appraiser must undergo
just to become licensed or certified. Earning a professional designation
exhibits a higher level of professionalism...but all designations are not equal. One month before Mobility published an
article last year written on real estate industry designations by Rob Selleck,
CRP, RE/MAX International Relocation Services, Denver, CO, I was asked by a
client to explain the many designations associated with the real estate
appraisal industry. I spent nearly 30 minutes explaining the various
designations that I knew of, but in researching appraiser designations for this
article, I found that my knowledge was only the tip of the iceberg. Some
designations are very easy to attain. Others take years of education, exams,
experience, and comprehensive demonstration reports. State Licensing A state-licensed real estate appraiser is
the minimum licensing that an appraiser must attain. The criteria for licensing
are the successful completion of three appraisal courses (totaling 75 classroom
hours) with topics in appraisal principles, procedures, and standards of
professional appraisal practice and ethics. On completion, the appraiser must
pass a comprehensive examination. In some states, this is considered a trainee
level. If this is the case, an appraiser with a higher level of licensing must
directly supervise the trainee. The criteria for a certified residential
appraiser are the same as basic licensing. Also required are additional
appraisal courses (totaling 120 hours), proof of experience, and a comprehensive
examination. Typically, this is the highest level the appraiser specializing in
residential appraisal can achieve. The next level is the certified general
appraiser license. It requires additional course work (totaling 165 hours) and
experience specializing in income-producing properties such as commercial or
industrial. Professional Designations The credible organizations offer
professional designations that are awarded on successful completion of appraisal
courses with comprehensive examinations, proof of experience through personal
interviews with admissions committees that verify the candidate's experience,
and a demonstration appraisal report that could be compared to a master's
thesis. Once designated, an appraiser typically must participate in mandatory
continuing education programs. These organizations adhere to the Uniform
Standards of Professional Appraisal Practice, established by the Appraisal
Foundation and adopted by various federal agencies. These standards must be
adhered to by all state licensed or certified appraisers. Designated members of many of the
professional organizations have fulfilled rigorous educational and experience
requirements, obtained a college degree or its equivalent, and must adhere to
strict industry standards and a professional code of ethics. There are other
appraisal organizations that require limited or no education or practical
experience, no re-certification, and no ethical expulsion provisions. One
organization's requirements are so loose that an individual's cat was once
awarded a designation. Membership in a professional group and a
designation earned is not in and of itself evidence of professionalism and
quality. There are many highly professional appraisers who choose not to
affiliate with a professional association. ERC and the Appraisal Standards Council
have approved the organizations featured below. Included are the designations
offered. A description of ERC's criteria for acknowledgement of these appraisal
designations is in The Directory of Real Estate Appraisers and Real Estate
Brokers and Staff. American Society of Appraisers, www.appraisers.org
703/478-2228 Designations are earned based on
engagement in the appraisal profession and experience, a college degree or its
equivalent, intensive written and oral examinations, submission of acceptable
appraisal reports, and two to five years of full-time appraisal experience.
Continuing education is required to maintain the designation. AM—Accredited Member. To qualify for the
AM designation, an individual must have at least two years of full-time
equivalent appraisal experience and a college degree or its equivalent. ASA—Senior Member. To qualify for the
ASA designation, an individual must have a minimum of five years of full-time
equivalent appraisal experience and a college degree or its equivalent. FASA—Fellow of the Society. To achieve
the FASA designation, an Accredited Senior Appraiser must be recognized by ASA's
International Board of Governors for outstanding services to the appraisal
profession and/or the society. Appraisal Institute, www.appraisal-institute.org
312/335-4100 MAI—Member Appraisal Institute. The MAI
designation is earned by appraisers with experience in the valuation and
evaluation of commercial, industrial, residential, and other types of
properties, and to those who advise clients on real estate investment decisions. SRPA—Senior Real Property Appraiser. The
SRPA designation is held by appraisers who are experienced in the valuation of
commercial, industrial, residential, and other types of properties. SREA—Senior Real Estate Analyst. The
SREA designation is held by appraisers who are experienced in real estate
appraising and analysis, and advise clients on real estate investment decisions.
To receive the SREA designation, an appraiser already must have received the
SRPA or SRA designation. SRA—Senior Residential Appraiser. The
SRA designation is earned by appraisers who are experienced in the valuation of
single-family homes, townhomes, and residential income properties of up to and
including four units. RM—Residential Member. The RM
designation is held by appraisers who are experienced in the valuation of
single-family dwellings and two-, three-, and four-unit residential properties. Appraisal Institute of Canada, www.aicanada.org
204/783-2224 CRA—Canadian Residential Appraiser. The
CRA designation denotes members qualified in the appraisal and valuation of
individual, undeveloped residential dwelling sites, and dwellings containing not
more than four self-contained family housing units. AACI—Accredited Appraiser, Canadian
Institute. The AACI designation denotes fully accredited membership in the
Institute and may be used by the holder for the appraisal of a full range of
real property. National Association of Independent
Fee Appraisers, www.naifa.com
314/781-6688 IFA—Member. The IFA designation is
conferred to the residential appraisal specialist. IFAA—Appraiser-Agricultural. The IFAA
designation is awarded to the appraiser specializing in agricultural, farm, and
rural appraisals. IFAC—Appraiser-Counselor. The IFAC
designation is conferred to the appraiser experienced in counseling. IFAS—Senior Member. The IFAS designation
is awarded to the income-producing property specialist. National Association of Master
Appraisers, www.masterappraisers.com
800/229-6262 MFLA—Master Farm and Land Appraiser. The
MFLA designation indicates that the person holding it specializes in appraising
agricultural properties and land. MRA—Master Residential Appraiser. The
MRA designation indicates that the person holding it specializes in residential
appraisal. MSA—Master Senior Appraiser. The MSA
designation is earned by appraisers doing both residential and/or commercial
appraisals. National Association of Realtors®,
Appraisal Section, www.narappraisalsource.com
800/874-6500 Today, there are approximately 3,500
members of the Appraisal Section. In 1994, the section created two designations,
GAA and RAA, for Appraisal Section members who meet tested education and
experience requirements that exceed the requirements for state licensing.
Appraisal Section members also are Realtor® members or hold an Institute
Affiliate membership in the National Association of Realtors®.
GAA—General Accredited Appraiser. The
GAA designation is awarded to appraisers specializing in commercial, industrial,
and income producing properties.
RAA—Residential Accredited Appraiser.
The RAA designation is awarded to appraisers specializing in residential real
estate appraising.
National Association of Real Estate
Appraisers, www.iami.org/narea.cfm
320/763-7626 CCRA—Certified Commercial Real Estate
Appraiser. The CCRA requires two years of experience in commercial valuation,
and is conferred to the appraiser who performs assignments including commercial,
industrial, vacant land, and residential.
CREA—Certified Real Estate Appraiser.
The CREA requires two years of experience in residential appraising, and is
conferred to the appraiser who performs assignments on residential,
condominiums, vacant land, and small commercial properties.
Related Organizations Employee Relocation Council (ERC), www.erc.org
202/857-0857 The CRP™ designation is awarded through
industry experience and by passing a comprehensive examination. The SCRP is
awarded to CRPs who have earned ERC's Distinguished Service Award by giving back
to the relocation industry through involvement on committees, speaking at ERC's
national conventions, authorship in their publications, and other
service-oriented activities.
Although the CRP™ does not signify ERC
endorsement of an appraiser, it is more likely that the appraiser who has taken
the time to earn the CRP™ will understand the industry's needs and respond to
them.
Relocation Appraisers and
Consultants (RAC), www.rac.net
800/368-7717 RAC members must show proof of recent
relocation-related education and references from management level relocation
clients. Furthermore, RAC members must demonstrate their understanding and
ability to apply ERC appraisal guidelines, including forecasting, by providing
demonstration reports that are reviewed by an admissions committee. | ||||||||||||||||||||||
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