A Federally Related Transaction must be prepared by a state-certified or licensed appraiser. Unless a real estate-related financial transaction has been specifically exempted, Certified or licensed appraiser is not required if the transaction value is $250,000 or less.
•The transaction value is the loan amount and in some situations, the market value.
Market Value means the most probable price a property will bring from a fully informed buyer, willing but not compelled to buy and the lowest price a fully informed seller will accept if not compelled to sell.
Real estate licensees are cautioned that just because a transaction is not a federally related transaction, it does not mean that real estate licensees are allowed to provide the appraisal services. FHA and VA transactions and appraisals for loans sold to Freddie Mac are not federally related transactions. However, Fannie Mae, Freddie Mac, HUD, and the VA require appraisals be completed by state-certified or licensed appraisers, regardless of transaction value.
The Florida Real Estate Commission (FREC) is empowered to discipline brokers and sales associates who violate any of the standards or any other provisions of USPAP. CMA's are exempt.
This information is courtesy of Rowlett Real Estate School www.rowlettrealestateschool.com
free to visit our class schedule and online real estate courses at http://www.rowlettrealestateschool.com/fl-schedule.htm