In our litigious society, real estate appraisers are increasingly vulnerable to many kinds of liability. Luckily, there are steps you can take to limit your legal liability and keep yourself and your business protected. Here are five excellent resources offered by McKissock Learning with tips and tools to help you protect your appraisal practice — including a Pro-Series webinar coming up on Wednesday, October 13, 2021.
Many professionals know they should have an engagement letter for every assignment, but few understand the full importance of the letter. In this Pro-Series webinar on Wednesday, October 13, 2021, Craig Capilla will discuss the legal ins and outs of the engagement letter to put appraisers in the best position to satisfy client expectations and limit liability. For those that can craft their own engagement letters, Craig will have tips on areas of focus and terms to consider. For appraisers working off the client’s template engagement agreement, Mr. Capilla will discuss areas to pay attention and ways to enhance protections.
About the presenter
Craig Capilla is a litigator assisting licensed professionals with their legal needs. He spent four and a half years as a prosecutor for the Illinois Dept. of Financial and Professional Regulation (IDFPR) focusing on licensing violations and regulatory issues involving appraisal and other real estate professionals. Since 2012, he has been defending appraisers, appraisal firms, and other professionals in license complaints and liability suits.
A recording of this webinar will be made available exclusively to Unlimited Learning Members. View upcoming Pro-Series webinars.
Another way you can help protect your appraisal practice is by being aware of the level of risk involved in different types of appraisals. Some assignments come with higher risk than others—whether due to the type of client, the intended users, the number of requirements that must be adhered to, or other assignment conditions. This blog post outlines five types of appraisal assignments with higher-than-average liability risk.
Protecting yourself against appraiser identity theft is very different from protecting your credit against identity theft. Most of the standard advice, such as shredding financial statements and safeguarding social security numbers, will probably not protect you against an individual who wishes to use your name and appraisal license number to issue fraudulent appraisals. This blog article outlines several identity theft tips specifically designed for appraisers.
Time to upgrade your appraisal license? Learn more with our free guide.
CE course: Managing Appraiser Liability
Liability cannot be eliminated entirely, but it can be managed. Appraisers are bound to follow federal and state laws and regulation, USPAP, and guidelines issued by government agencies, government-sponsored enterprises, and lenders, or else face civil penalties, criminal penalties, or loss of license. This CE course examines practical ways appraisers can protect themselves in their everyday practice, pointing out common malpractice issues and investigating available remedies.
CE course: Avoiding Mortgage Fraud for Appraisers
Learn how to protect your appraisal practice with this top-rated CE course, which provides an in-depth look at mortgage and valuation fraud in the U.S. The course gives examples of various fraud schemes that are common today, and examines the appraiser’s role in various types of swindles. Furthermore, the course discusses appraisal pressure, predatory lending, and various illegal lending practices, as well as various enforcement and legal issues. Finally, it provides several steps you can take to limit appraiser liability and ensure you’re not ensnared in the web of a fraud scheme.