Mary Cummins, Real Estate Appraiser, Animal Advocates, Los Angeles, California

Mary Cummins, Real Estate Appraiser, Animal Advocates, Los Angeles, California
Mary Cummins, Real Estate Appraiser, Animal Advocates, Los Angeles, California

Saturday, October 9, 2021

Real Estate Dictionary, Real Estate Words, Terms, Definitions, Phrases, ENGLISH, by Mary Cummins real estate appraiser Los Angeles, California

mary cummins, real estate appraiser, los angeles, california, real estate dictionary, real estate, appraisal, terms, words, phrases, english, spanish
mary cummins, real estate appraiser, los angeles, california, real estate dictionary, real estate, appraisal, terms, words, phrases, english, spanish

A B C D E F G H I J L

  M N O P Q R S T V W Z

I first made and posted this real estate dictionary back in 1997 in my website at http://marycummins.com/dictionary.htm  . I'm just sharing it here in the blog. 

A

Abstract of Title: A condensed history or summary of all transactions affecting a particular tract of land.

Access: The right to enter and leave a tract of land from a public way."Oftentimes the right to enter and leave over the lands of another."

Accretion: The slow build up of lands by natural forces such as wind, wave or water.

Acknowledgment: The act by which a party executing a legal document goes before an authorized officer or notary public and declares the same to be his voluntary act and deed.

Acre: A tract of land 208.71 feet square and containing 43,560 square feet of land.

Administrator: A person appointed by a probate court to settle the  affairs of an individual dying without a will. The term is administratrix if such a person is a woman.

Adverse Possession: A claim made against the lands of another by virtue of open and notorious possession of said lands by the claimant.

Affidavit: A sworn statement in writing.

Agent: A person or company that has the power to act on behalf of another or to transact business for another.

Air Rights: The right to ownership of everything above the physical surface of the land.

ALTA: American Land Title Association, a national association of title insurance companies, abstracters and attorneys specializing in real property law which speaks for the title insurance and abstracting industry, with headquarters in Washington, D.C.

Appurtenance: Anything so annexed to land or used with it that it will pass with the conveyance of the land.

ARM: Adjustable Rate Mortgage See Variable Rate Mortgage.

Assessment: The imposition of a tax, charge or levy, usually according to established rates.

Assessor: A public official who evaluates property for the purpose of taxation.

Assignee: One to whom a transfer of interest is made. For example, the assignee of a mortgage or contract.

Assignor: One who makes an assignment. For example, the assignor of a mortgage or contract.

Assumable Mortgage: A mortgage, which by its terms allows a new owner to take over its obligations.

Assumed Mortgage: A loan in which the buyer assumes the obligations of an already existing mortgage on a property.

Attachment: Legal seizure of property to force payment of a debt.

 

B

Bankrupt: A person, who, through a court proceeding, is relieved from the payment of all his debts after surrender of all his assets to a court appointed trustee.

Bureau of Land Management: The branch of government in charge of surveying and managing public lands.

 

C

CC&R's: Covenants, Conditions and Restrictions. See Conditions and Restrictions below.

Chain: A term of land measurement being 66 feet in length.

Chain of Title: A term applied to the past series of transactions and documents affecting the title to a particular parcel of land.

Clear Title: One which is not encumbered or burdened with defects.

Closing: Also known as "escrow" or "settlement." The process of executing legally binding documents such as deeds and mortgages most commonly associated with the purchase of real estate and the borrowing of money to assist in the purchase.

Clouded Title: An encumbered title.

Commitment to Insure: A report issued by a title insurance company, or its agent,committing the title insurance company to issue the form of policy designated in the commitment upon compliance with and satisfaction of requirements set forth in the commitment.

Company Loan: Loan by employer to facilitate relocation of employee. Usually short-term.

Condemnation: Taking private property for public use through court proceedings.

Condition or Conditions: A proviso in a deed or a will that upon the happening or   failure to happen of a certain event, the title of the purchaser or devisee will be limited, enlarged,changed or terminated.

Conditions and Restrictions: A common term used to designate the uses to which land may not be put and providing penalties for failure to comply. "Commonly used by land subdividers on newly platted areas."

Condominium: A system of individual fee ownership of units in a multi-unit structure,combined with joint ownership of common areas of the structure and land.

Consolidated Mortgage: Occurs in refinancing. Remaining balance from original mortgage is incorporated into new mortgage.

Contract for Deed: An agreement to sell and purchase under which title is withheld from the purchaser until such time as the required payments to the seller have been completed.

Convey: The act of deeding or transferring title to another.

Conveyance: An instrument by which title to property is transferred; a deed.

Cooperative: A residential multi-unit building owned by and operated for the benefit of persons living within.

Covenant: An agreement written into deeds and other instruments promising   performance or non-performance of certain acts, or stipulating certain uses or non-uses of the property.

Cul De Sac: The terminus of a street or alley. "Usually laid out by modern engineers to provide a circular turn around for vehicles. In French 'the bottom of the sack.' "

 

D

Deed: A written document by which the ownership of land is transferred from one person to another.

Deed of Trust: See Mortgage below.

Delivery: The final and absolute transfer of a deed from seller to buyer in such a manner that it cannot be recalled by the seller. A necessary requisite to the transfer of title.

Device: The disposition of land by will. "A term used for land alone and never for personal property."

Due on Sale Clause: Provision in a Mortgage or Deed of Trust which requires loan to be paid in full if property is sold or transferred.

 

E

Earnest Money: Advance payment of part of the purchase price to bind a contract for property.

Easement: An interest in land owned by another that entitles its holder to a specific limited use, such as laying a sewer, putting up electric power lines, or crossing the property.

Egress: The right to leave a tract of land. "Often used interchangeably with access." (See Access)

Eminent Domain: The power of the state to take private property for public use upon payment of just compensation.

Encroachment: A fixture, such as a house, wall or fence, which intrudes upon another's property.

Encumber: To burden a parcel of land with a lien or charge such as a mortgage.

Encumbrance: A lien, liability or charge upon a parcel of land.

Escheat: A reversion of property to the state in those cases where an individual dies without heirs or devisees and without a will.

Escrow: A procedure whereby a disinterested third party handles legal documents and funds on behalf of a seller and buyer.

Estate: A person's possessions.

Examination of Title: The interpretation of the record title to real property based on the title search or abstract.

Exception: In legal descriptions that portion of lands to be deleted or excluded. "The term is often used in a different sense to mean an objection to title or encumbrance on title."

Executor: A person appointed by the probate court to carry out the terms of a will. "The term is executrix if such a person be a woman."

Extended Mortgage: One in which due date of mortgage is extended for longer period.Often at higher interest rate than original mortgage.

 

F

Fee Simple Estate: The greatest interest in a parcel of land that it is possible to own.Sometimes designated simply as Fee.

FHA Guarantee: An insurance contract in which HUD through FHA insures that the named lender will recover a specific percentage of the loan amount from the insurer (FHA)in the event the loan goes bad.

Financing Statement: A document prepared for filing with the Register of Deeds or Secretary of State indicating that personal property or fixtures is encumbered with a debt.

Fixtures: Any item of property so attached to real property that it becomes a part of the real property.

Forfeiture of Title: Provision in a Deed creating a condition which will cause title to be passed to another in the event certain circumstances occur.

 

G

Graduated Payment Mortgage: A loan in which monthly payments are relatively small in the beginning years and gradually increase in dollar amount over the life of the mortgage.

Grantee: A person who acquires an interest in land by deed, grant, or other written instrument.

Grantor: A person, who, by a written instrument, transfers to another an interest in land.

Guardian: One appointed by the court to administer the affairs of an individual not   capable of administering his own affairs.

 

H

Harbor Line: An arbitrary line set by authorities on navigable rivers, beyond which wharves and other structures may not be built, also designated as line of navigation.

Heir: One who might inherit or succeed to an interest in land under the rules of law applicable where an individual dies without leaving a will.

Hiatus: A gap or space unintentionally left between, when attempting to describe adjacent parcels of land.

Home Repair Loan: Used for repairs and additions to existing structures without affecting existing mortgage. Typically 10 years or less in length.

HUD 1: A form settlement (closing) statement required by HUD where federally related mortgages are being made on residential properties. It is a balance sheet showing the source of funds and the distribution of funds in connection with the purchase and/or mortgaging of residential property.

 

I

Improvements: Those additions to raw lands tending to increase value such as buildings,streets, sewer, etc.

Inchoate Dower: The imperfect interest which the law gives a wife in the lands of her husband. "This is an interest which upon the death of the husband may ripen into possession and use."

Inchoate Curtesy: The imperfect interest which the law gives a husband in the lands of his wife. "This is an interest which upon the death of the wife may ripen into possession and use."

Indemnify: To make payment for a loss.

Ingress: The right to enter a tract of land. "Often used interchangeably with access." (See Access)

Insurance: A contract of indemnity against specified perils.

Insurance Loan: When cash value of life insurance policy is borrowed by insured.

Interim Financing: Temporary or short term loans. Often used with new construction.Usually replaced with a permanent, long term mortgage.

Intestate: Designates the estate or condition of failing to leave a will at death. "To die intestate."

 

J

Joint Tenancy: Where two or more persons hold real estate jointly for life, the survivors to take the interest of the one who dies.

Judgment: A decree of a court. "In practice this is the lien or charge upon the lands of a debtor resulting from the Court's award of money to a creditor." (See Judgment Lien)

Judgment Docket: The record book of a County Clerk where a judgment is entered in order that it may become a lien upon the property of the debtor.

Judgment Lien: The charge upon the lands of a debtor resulting from the decree of a court properly entered in the judgment docket.

 

L

Land Contract: See Contract for Deed above.

Landmark: Any conspicuous object that helps establish land boundaries.

Lease: A grant of the use of lands for a term of years in consideration of the payment of a monthly or annual rental.

Lender's Policy: See Mortgagee's Policy below.

Lessee: One who takes lands upon a lease.

Lessor: One who grants lands under a lease.

Lien: A hold, a claim or a charge allowed a creditor upon the lands of a debtor. "Some examples are mortgage liens, judgment liens, mechanic's liens."

Life Estate: A grant or reservation of the right of use, occupancy and ownership for the life of an individual.

Link: A term of land measurement being 1/100th of a chain or 66/100ths of a foot.

Lis Pendis: A notice recorded in the official records of a county to indicate that a suit is pending affecting the lands where the notice is recorded.

Loss Payable Clause: Provision added to a Fire and Casualty Policy which says any loss will be paid to two or more parties as their interest may appear. Usually the owner and the mortgage lender.

Lot: A measured parcel of land having fixed boundaries.

 

M

Majority: The age at which a person is entitled to handle his own affairs.

Marketable Title: A good title about which there is no fair or reasonable doubt.

Mechanic's Lien: A lien allowed by statute to contractors, laborers and material-men on buildings, or other structures upon which work has been performed or materials supplied.

Metes and Bounds: A description of land by courses and distances.

Minor: One who because of insufficient age or status is legally incapable of making contracts.

Monument of Survey: Visible marks or indications left on natural or other objects indicating the lines and boundaries of a survey. May be posts, pillars, stones, cairns, and other such objects, but may also be fixed natural objects, blazed trees, roads and even a water course.

Mortgage: An instrument used to encumber land as security for a debt.

Mortgage-Backed Security: A security evidencing either the ownership of an interest in a mortgage loan or pools of mortgage loans, or a separate obligation secured by a mortgage loan or pool of mortgage loans.

Mortgage Banker: A specialized lending institution that lends money solely with respect to real estate and secures its loans with mortgages on the real estate.

Mortgage Broker: A person or company that buys and sells mortgages for another on commission or who arranges for and negotiates mortgage contracts.

Mortgage Revenue Bonds: Issued by communities as a means of providing lower cost mortgage funds to certain qualified borrowers.

Mortgagee: A designation for the mortgage lender on lands.

Mortgagee's Policy: A form of title insurance policy which insures the validity,enforceability and priority. This form does not provide protection for the owner.

Mortgagor: A designation for the mortgage borrower on lands.

 

N

Negative Amortization: An actual increase in the principal amount of a real estate loan because of the addition of matured but unpaid interest to the loan balance. Usually the result of monthly payments which are temporarily set at a lower than needed level.

Notary: One authorized to take acknowledgments. (See Acknowledgments)

 

O

Owner's Policy: A policy of title insurance which insures a named owner against loss by reason of defects, liens and encumbrances or lack of marketability of the title. The company also agrees to defend covered claims made against the title.

Ownership: The right to possess and use property to the exclusion of others.

 

P

Patent: A document or grant by which the Federal or State government originally transferred title to public lands to an individual. The first in the series of transfers by which title comes down to present owners.

Plat or Plot: A map representing a piece of land subdivided into lots with streets shown thereon.

P.M.I.: Private Mortgage Insurance. An insurance contract which insures that the named lender will recover a specific percentage of the loan amount from the insurer in the event the loan goes bad. Many lenders require this on higher percentage loans.

Points: A one-time special fee or extra charge paid to a lender in order to secure a loan.Expressed as a percentage of face amount of mortgage.

Policy: A written contract of title insurance.

Policy owner: One who owns a title insurance policy.

Power of Attorney: An instrument authorizing another to act on one's behalf as his agent or attorney.

Power of Sale: A clause inserted in a will, mortgage, deed or trust or trust agreement authorizing the sale or transfer of land in accordance with the terms of the clause.

Pro-rate: To allocate between seller and buyer their proportionate share of an obligation paid or due. "For example, a pro-rate of real property taxes or fire insurance premiums."

 

Q

Quiet Title: An action in a proper Court to remove record defects or possible claims of other parties named in the action.

 

R

Range: A part of the government survey, being a strip of land 6 miles in width, and numbered east or west of the principal meridian.

Real Property: Land and that which is affixed to it.

Realtor® :A federally registered collective membership mark which identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.

Realty: A brief term for real property.

Redeem: Literally "to buy back." The act of buying back lands after a mortgage foreclosure, tax foreclosure, or other execution sale.

Registered Land: See Torrens Title below.

Reinsurance: To insure again by transferring to another insurance company all or part of an assumed liability, thus spreading the loss risk any one company has to carry.

REIT: Real Estate Investment Trust. A product of federal tax legislation formed as a business trust, under a special state REIT statute or as a corporation for the purpose of investing in real estate or mortgages on real estate.

REMIC: Real Estate Mortgage Investment Conduit. A product of 1986 federal tax legislation in which a business entity such as a corporation partnership or trust in which substantially all of the assets consist of qualified mortgages and permitted investments elects to be treated as an REMIC. Qualification avoids treatment as a corporation for tax purposes.

Right-of-Way: The right which one has to pass across the lands of another. An easement.

Riparian Rights: to use of water and waterways in adjoining lakes or rivers.

 

S

Second Mortgage: A second loan on real estate that already has a mortgage. It is subordinate to the first mortgage. Usually of shorter term and often at higher interest rate.

Section or Section of Land: A parcel of land comprising one square mile or 640 acres.

Set Back Lines: Those lines which delineate the required distances for the location of structures in relation to the perimeter of the property.

Sub-surface Right: The right of ownership to things lying beneath the physical surface of the property.

Survey: The process of measuring land to determine its size, location and physical description and the resulting drawing or map.

 

T

Tenancy in Common: An estate or interest in land held by two or more persons each having equal rights of possession and enjoyment but without any right of survivorship between the owners.

Tenant: Any person in possession of real property with the owner's permission.

Testament: Another term for a will. Commonly referred to as "last will and testament."

Testate: The estate or condition of leaving a will at death. "To die testate."

Testator: A man who makes or has made a testament or will.

Testatrix: A woman who makes or has made a testament or will.

Title: The evidence or right which a person has to the ownership and possession of land."Commonly considered as a bundle or history of rights."

Title Defect: Any legal right held by others to claim property or to make demands upon the owner.

Title Insurance: Insurance against loss or damage resulting from defects or failure of title to a particular parcel of real property.

Title Plant: The total facilities records, equipment, fixtures, and personnel required to function as a title insurance operation. Technically, the organization of official records affecting real property into a system which allows quick and efficient recovery of title information.

Title Search: An examination of public records laws and court decisions to disclose the current facts regarding ownership of real estate.

Torrens Title: A system whereby, after court proceedings, a certificate is issued setting forth the extent of the applicant's estate in land subject to the exceptions shown. Most popular in the early 1900's, the system was adopted in 19 states. It is presently used only in parts of six states.

Township: A division of territory 6 miles square, containing 36 sections or 36 square miles.

Tract: A particular parcel of land.

Trust: A property right held by one for the benefit or another.

Trustee: A person holding property in trust.

 

V

VA Guarantee: An insurance contract in which the Veterans Administration (VA) insures that the named lender will recover a specific percentage of the loan amount from the insurer in the event the loan goes bad.

Variable Rate Mortgage: A loan in which the interest rate fluctuates with the cost of funds or some other index.

Vendee: A purchaser of real property under land contract.

Vendor: A seller of real property under land contract.

Vest: To pass to a person an immediate right or interest. Title may be said to vest in John Brown.

Vestee: A non-legal term used by title insurers to indicate the owner of real property in a policy or report.

 

W

Warranty: An agreement and assurance by the grantor of real property for himself and his heirs, to the effect that he is the owner and will be responsible.

Will: A written document properly witnessed, providing for the distribution of property owned by the deceased.

 

Z

Zoning: The right of a municipality to regulate and determine the compatible character and use of property.


Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.


Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin

Friday, October 8, 2021

How to Avoid Being Accused of Bias in Real Estate Appraisal - Free Webinar by George Dell, Peter Christensen ... by Mary Cummins

how to avoid being accused of bias in real estate appraisal, bias, discrimination, real estate appraisal, real estate appraiser, mary cummins, los angeles, california, brea, fha, hud
how to avoid being accused of bias in real estate appraisal by George Dell, Peter Christensen, bias, discrimination, real estate appraisal, real estate appraiser, mary cummins, los angeles, california, brea, fha, hud

I attended the free webinar by real estate appraiser/instructor George Dell and lawyer Peter Christensen. Other speakers were appraiser Craig Gilbert who spoke about the new California bill AB 948 and Dave Towne. 

It was very informative and based on common sense. The main takeaway was choose appropriate comps/data, include an explanation on why you chose the comps you chose, save a copy of your search parameters and results to your work file, and fully explain and describe your adjustments and the values in a bullet-proof report. 

I'd like to add some other suggestions. Even though the intended users of the appraisal report are savvy, educated, experienced finance professionals write your report so that an average lay person with an average education can easily understand everything. The buyer, seller, borrower, agent, their cousin, all their social media friends ... will be reading the report. If they don't like or understand anything about it, they will be attacking the appraiser on social media, to the real media and leaving negative business reviews all over the internet. They may even file a frivolous complaint just because they don't understand something. A woman said an appraiser wrote "Marin city" for the city in the report. She said it was "code for black." The property legally was in Marin City. It wasn't code for anything. Not my appraisal. That's how sensitive this issue can be. 

For instance state that per government guidelines the appraiser must first search sold, pending, active comparable properties +/- 15% difference in GLA (gross living area) from the subject, within 1/2 mile radius, within the last three to six months with similar amenities and in similar condition. If you can't find enough comps and have to widen your search, state specifically why and how you did that. State that you need at least three sold, one pending and one listed comp, if you do. Cite USPAP, FHA and government regulations that govern our appraisals. 

If the GLA, bed/bath/room count differ from the actual size, state what is included in GLA per ANSI and permits. State what is not legal GLA in the home and why. I even include links to ANSI, government guidelines ... beyond what is in our limiting conditions. Some people think they are being "ripped off" because the Appraiser didn't give credit to the unpermitted elevated toilet they added in the garage or the closet/balcony/patio/carport/shed they illegally converted into a bedroom that would never meet code or basic safety requirements.

If they added what they feel are lots of improvements or additions that don't add real value to the home, specifically tell them why. Go into the math of return on investment, over improvement, under improvement, market reaction to improvements... I had a guy tell me he spent $150,000 adding palm trees to his back yard 20 years ago. He asked me why I didn't add $150,000 to the value of his $400,000 home. I told him specifically why it didn't add any value to the home. 

Sometimes lay people just don't understand the form. One person thought pg 1, "Improvements," "Condition of property" section had to do with the condition of the entire house even though it ONLY relates to the kitchen and bathrooms. The reader can't see the drop down menu items which state "kitchen," "bath." They only see the result which could be "no improvements within the last seven years." I added an explanation right in that section so people know what it is. 

Specifically describe each of the comps relative to the items in the grid. If there is an adjustment for any item, describe what it's for and how it was calculated. Readers don't realize that we use advanced math, regression analysis and statistics to formulate our adjustments based on lots of independent data from the various MLS and public records. It is probably a good idea to ever so briefly mention the appraisal theory of matched pairs analysis so they will understand the reason for the comps and grid. A brief mention of regression analysis would help so they can understand how we figure out the exact adjustments. Add charts from your xml spreadsheets to the report if needed. Like your math teacher used to tell you "show your work." Save all of your adjustment calculations, xmls, charts to your work file.

Your summary of the market comparison approach needs to be very clear and plain. Specifically state which comps set the upper, lower levels of value and why. Which comps carry the most weight and why. If you feel the property could be worth more but there just are no recent closed sold comps to support that value, state that. Sometimes it's best for a homeowner to wait until a similar home closes for a higher value in a week such as one of the higher listed or pending comps. People don't realize that we are generally limited by the highest recent closed sale. Even if our report were to come in higher, the AMC, underwriter, lender would send it back stating that it can't be higher than the highest closed sale. That has been happening a lot lately. 

A few last pointers. Of course never discriminate against anyone even if the homeowner treats you horribly. If a homeowner is instantly very rude and attacks you when you arrive or during the inspection, just leave and cancel the appraisal. Get your research and trip fee and be done with it. It's not worth the headache. This has only happened to me a few times in 35 years. 

If things start to get iffy during the inspection but not to the point of leaving, take notes instantly. If they tell you what they think the property is worth, tell you a home a mile away sold for $1.2M, what value they need for their loan, how a recent "stupid" appraiser didn't know the area, recent appraisals came in too low, that they added $$$ worth of "improvements and upgrades"...instantly take notes of everything they are saying and doing. I do this on my iPhone note feature. I always ask if they've done improvements during the inspection. I tell them they can give, send me a list of the alleged improvements if they like. If they, the agent, whomever hand you comps, take them. You don't have to use them but it's good to see where their mind and reasoning is at so you know what you have to deal with. Once in a great while they may even give you a good comp. 

If the appraisal is for a purchase, search for comps before you accept the assignment. If you can't find any comps to support the contract price, don't take the assignment. Save everyone a big headache especially yourself. If it's a refinance, look at the current loan amount and figure out loan to value ratio. If their current loan is $1,000,000 but the home is only worth $900,000, you may have a problem which could be avoided before you accept or complete the appraisal. Better not to complete the appraisal then no one can file a complaint for biased appraising. 

Always be very polite, on time, look and act professional, be kind and answer their questions. If they request a Reconsideration of Value i.e., an appraisal appeal, be very thorough, kind and polite in your reply. Don't ever just reply with "no change." Supposedly this is the biggest reason people file a report for discrimination. Specifically state why you could not use the comps they provided going back to the government guidelines and underwriting limitations. Reply to each of their concerns in layman terms. 

If they give you good comps, use them and change your value. Very rarely you may not see a sold comp because it recorded the day of or after your inspection but you pulled comps the night before the inspection. Sometimes sold comps record days before they show up in public records. Feel free to call the agent of pending comps or even call title to see if they closed. With this crazy super quickly appreciating recent market the most recent comps are the best representation of the market. 

One very important last suggestion. Many people especially people of color, immigrants, people of different religions, sexual orientation, languages ... have been discriminated against for their entire lives. They may always be on the defensive. Their first thought might automatically just be "it must be discrimination!" Even though it's upsetting to be falsely accused of discrimination don't get upset or defensive. Respond politely and kindly to their ROV requests. Be understanding and thorough in your reply. Pretend you are talking to your sweet old grandmother who just doesn't understand all of the advanced math and statistics. Break it down into simple and plain language they understand. That could be the difference between having a calm conversation or a frivolous complaint filed against your license and business. 

If after you've responded politely and thoroughly someone still files a false or frivolous discrimination complaint against you, you need to take action. Obviously these false discrimination complaints are only coming in now when the appraised value is under contract or the unsupported expectation of the borrower, seller, buyer... No one complains if you come in at contract or above. In prior years with quickly appreciating crazy markets they just called us "deal killers" but now partly because of the current political climate they call it "discrimination." 

I hate coming in under contract because you know there will be a lot of stress and strife which is why I try to avoid those appraisals if at all possible. If they only filed the complaint with the lender or AMC, your reply to the ROV is your basic reply. No one has ever filed any complaint against me for anything even though I have had a handful of people in 35 years who weren't happy with the value. I replied via the ROV. 

I personally would reply to a discrimination complaint. What did they state that you did or said that was discriminatory? State exactly everything that happened on the phone, in email, text, voicemail, at the inspection... Always save all of this to protect yourself. If you feel they are trying to influence the value with the threat of complaint, actual complaint, instantly notify the AMC and lender of this fact. Per the Appraiser Independence Laws "it is unlawful for any person in the course of a mortgage transaction to improperly influence the development, report, result, or review of a real estate appraisal sought in connection with a mortgage loan." Each state has their own laws. California law Article 7 CIVIL CODE SECTION 1090.5 . Here are the laws for each state from the Appraisal Institute

It's also a violation of Federal law 15 U.S. Code § 1639e - Appraisal independence requirements. If the lender is notified that they tried to influence the value, they will not get a home loan, i.e. "It shall be unlawful, in extending credit or in providing any services for a consumer credit transaction secured by the principal dwelling of the consumer, to engage in any act or practice that violates appraisal independence." I would try all other means of resolving the situation before you make such a complaint as the outcome would not be good for anyone. Talk to the AMC who can talk to the lender who can talk to the client and explain the regulations in detail. 

If they file a false or frivolous complaint to a government agency such as you state licensing board or HUD, contact your E&O insurance and a lawyer. In order to prove discrimination or bias, they MUST show evidence and prove that you intentionally discriminated against them in the appraisal. They must show that you appraised their home vastly differently than any home you've appraised in the past based on discrimination. They must show you perhaps violated USPAP, pulled the wrong comps, refused to look at better data they sent to you... They would have to show more than just mistakes or say poor judgment in the selection of comps. They must show evidence of "intent to discriminate" and "discriminatory behavior." I don't know if any individual appraiser has ever been found to have discriminated against anyone in an appraisal report in a lawsuit or formal government complaint more recently. I'll keep searching. I'm sure lenders, banks, agents have definitely discriminated against people in the farther past. I know some AMCs, lenders have settled some cases without admitting any guilt such as the recent Chase case. You don't need to prove as much evidence with lenders. Chase still stands by the appraisal. They settled to avoid litigation costs and bad press. 

In summary, always do the most thorough and best appraisal possible. Pick the most similar comps and let them do your work for you. Save all of your work, notes, emails, voicemails, texts, photos, sketches, math, charts, xml files... to your work file. Explain everything in layman's terms assuming regular non finance people will be reading the report. Be polite, kind and understanding with everyone. Treat them like your grandmother. Always thoroughly reply to any ROVs. That appears to be one of the main causes of discrimination complaints. If they give you a better comp, other better data, use it and change the value if the new data or comp supports it. Most importantly, never discriminate against anyone ever for any reason. Discrimination, racism, sexism... is hateful and harms everyone and our society. 

From the class information page. 

"Save the DATE!

Join us on Friday October 8th at 12 Noon Pacific Time for a free 1.5-hour webinar on

How to Avoid Being Accused of Bias

This is NOT a hands-on class. No Continuing Education credit will be offered.

We emphasize underlying principles and logic."

"About George Dell: About George Dell and Valuemetrics.Info

George Dell, SRA, MAI, ASA, CRE, LAI, of San Diego, CA, is the creator and developer of Evidence-Based Valuation (EBV©) which optimizes computer algorithms with trained valuation judgment. 

His signature workshop, Stats, Graphs and Data Science1 initiates new appraiser products and services – by combining appraiser expertise with data science tools and critical thinking skills.  It has been presented to various appraiser groups and professional organizations. For more information, check out Valuemetrics.info for upcoming classes.

Mr. Dell has been published multiple times in The Appraisal Journal, and other publications. His most recent articles include, “Common Statistical Errors and Mistakes” in 2013 Fall Edition, “Regression, Critical Thinking, and the Valuation Problem Today” in the 2017 Summer Edition, the Feature article in Appraisal Buzz, September 2019, "Red Door, Blue Door, Doggie Door Value" and many articles in Ann O'Rourke's paid newsletter, Appraisal Today.

George Dell’s free weekly blog raises often-controversial (but forward looking) issues.  He is the editor and author of The Asset Analyst Report (TAAR)©.  The EBV curriculum -- for appraisers and credit analysts -- is taught through Valuemetrics.info.

About Peter Christensen,

Attorney & Principal at ValuationLegal.com

Peter is member of the California and Washington state bars, as well as a licensed insurance broker. After earning his BS and JD degrees at U.C. Berkeley, he began his career at Latham & Watkins LLP. He later served as general counsel to the largest provider of professional liability insurance to appraisers and valuation businesses. He’s based near Santa Barbara, California, but enjoys traveling the country to meet with professionals and firms, and he’s has made it to 48 states so far."

Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.


Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin

Thursday, October 7, 2021

Free Real Estate Appraisal Forms, URAR 1004, 1025, 1073, 1004MC, 1007, 216, Fannie Mae, Freddie Mac by Mary Cummins real estate appraiser

FREE real estate appraisal forms, 1004, 1072, 1025, 1004D, CDAIR, 1004MC, 216, 1007, Uniform Residential Appraisal Report URAR, Mary Cummins, real estate appraiser, Los Angeles, California, Uniform Appraisal Data Set Definitions, Exterior Only Residential Appraisal Report, Individual Condominium Unit Appraisal Report, Market Conditions Addendum to the Appraisal Report , Appraisal Update Completion Report, Freddie Mac, Fannie Mae, UAD, Small Residential Income Property Appraisal Report , One Unit Residential Appraisal Field Review Report, Operating Income Statement, Single Family Comparable Rent Schedule 


Free real estate appraisal forms. These forms are blank in pdf and jpg format. I'm posting them so people can see the basic real estate appraisal forms used today. These are the most common real estate appraisal forms used in the United States. They are in alphabetical order. I'll be posting samples of each form filled out and completed next. I will also be posting a three part series about how to do a residential appraisal from pulling comparables to the inspection and the completion of the report. We don't just take photos and pull a value out of our hat. There is a lot of work that people don't see. 

If you are an appraiser and want to buy the software with these forms to fill out, check out Alamode, ClickformsACIweb, Homeputer to name but a few.  If you're thinking of forging an appraisal with these forms, good luck. These are just standard pdf copies that have a tiny watermark not visible in regular view. These are also not full appraisal reports with subject photos, comparable photos, plat map, sketch with measurements, subject detail page, subject map, comparable location map, copy of appraisal license, copy of appraiser's E&O Insurance... 

Appraisal Update and or Completion Report Fannie Mae form 1004D Freddie Mac 442 March 2005 Mary Cummins real estate appraiser.PDF     

Mary Cummins, real estate appraiser, Los Angeles, California, Appraisal Update and or Completion Report, form
Mary Cummins, real estate appraiser, Los Angeles, California, Appraisal Update and or Completion Report, 1004D form


http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Appraisal%20Update%20and%20or%20Completion%20Report%20Fannie%20Mae%20form%201004D%20Freddie%20Mac%20442%20March%202005%20Mary%20Cummins%20real%20estate%20appraiser.PDF

Catastrophic Disaster Area Inspection Report CDAIR form Mary Cummins Real Estate Appraisal.PDF

Catastrophic Disaster Area Inspection Report CDAIR form Mary Cummins Real Estate Appraiser, Los Angeles, California
Catastrophic Disaster Area Inspection Report CDAIR form Mary Cummins Real Estate Appraiser, Los Angeles, California

Catastrophic Disaster Area Inspection Report CDAIR form Mary Cummins Real Estate Appraiser, Los Angeles, California
Catastrophic Disaster Area Inspection Report CDAIR form Mary Cummins Real Estate Appraiser, Los Angeles, California

Catastrophic Disaster Area Inspection Report CDAIR form Mary Cummins Real Estate Appraiser, Los Angeles, California
Catastrophic Disaster Area Inspection Report CDAIR form Mary Cummins Real Estate Appraiser, Los Angeles, California

  

http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Catastrophic%20Disaster%20Area%20Inspection%20Report%20CDAIR%20form%20Mary%20Cummins%20Real%20Estate%20Appraisal.PDF

Exterior Only Residential Appraisal Report Fannie Mae Freddie Mac form 2055 March 2005 Mary Cummins Real Estate Appraiser.PDF       

Exterior Only Residential Appraisal Report Fannie Mae Freddie Mac form 2055 March 2005 Mary Cummins Real Estate Appraiser

Exterior Only Residential Appraisal Report Fannie Mae Freddie Mac form 2055 March 2005 Mary Cummins Real Estate Appraiser

Exterior Only Residential Appraisal Report Fannie Mae Freddie Mac form 2055 March 2005 Mary Cummins Real Estate Appraiser

Exterior Only Residential Appraisal Report Fannie Mae Freddie Mac form 2055 March 2005 Mary Cummins Real Estate Appraiser

Exterior Only Residential Appraisal Report Fannie Mae Freddie Mac form 2055 March 2005 Mary Cummins Real Estate Appraiser

Exterior Only Residential Appraisal Report Fannie Mae Freddie Mac form 2055 March 2005 Mary Cummins Real Estate Appraiser


http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Exterior%20Only%20Residential%20Appraisal%20Report%20Fannie%20Mae%20Freddie%20Mac%20form%202055%20March%202005%20Mary%20Cummins%20Real%20Estate%20Appraiser.PDF

Individual Condominium Unit Appraisal Report Fannie Mae form 1073 Freddie Mac form 465 March 2005 UAD Mary Cummins Real Estate Appraiser.PDF     

Individual Condominium Unit Appraisal Report Fannie Mae form 1073 Freddie Mac form 465 March 2005 UAD Mary Cummins Real Estate Appraiser

Individual Condominium Unit Appraisal Report Fannie Mae form 1073 Freddie Mac form 465 March 2005 UAD Mary Cummins Real Estate Appraiser

Individual Condominium Unit Appraisal Report Fannie Mae form 1073 Freddie Mac form 465 March 2005 UAD Mary Cummins Real Estate Appraiser

Individual Condominium Unit Appraisal Report Fannie Mae form 1073 Freddie Mac form 465 March 2005 UAD Mary Cummins Real Estate Appraiser

Individual Condominium Unit Appraisal Report Fannie Mae form 1073 Freddie Mac form 465 March 2005 UAD Mary Cummins Real Estate Appraiser

Individual Condominium Unit Appraisal Report Fannie Mae form 1073 Freddie Mac form 465 March 2005 UAD Mary Cummins Real Estate Appraiser

Individual Condominium Unit Appraisal Report Fannie Mae form 1073 Freddie Mac form 465 March 2005 UAD Mary Cummins Real Estate Appraiser

 

http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Individual%20Condominium%20Unit%20Appraisal%20Report%20Fannie%20Mae%20form%201073%20Freddie%20Mac%20form%20465%20March%202005%20UAD%20Mary%20Cummins%20Real%20Estate%20Appraiser.PDF

Market Conditions Addendum to the Appraisal Report Fannie Mae form 1004MC Freddie Mac form 71 March 2009 Mary Cummins Real Estate Appraiser.PDF  

Market Conditions Addendum to the Appraisal Report Fannie Mae form 1004MC Freddie Mac form 71 March 2009 Mary Cummins Real Estate Appraiser

      

http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Market%20Conditions%20Addendum%20to%20the%20Appraisal%20Report%20Fannie%20Mae%20form%201004MC%20Freddie%20Mac%20form%2071%20March%202009%20Mary%20Cummins%20Real%20Estate%20Appraiser.PDF

One Unit Residential Appraisal Field Review Report Fannie Mae 2000 Freddie Mac 1032 March 2005 Mary Cummins Real Estate Appraiser.PDF    

One Unit Residential Appraisal Field Review Report Fannie Mae 2000 Freddie Mac 1032 March 2005 Mary Cummins Real Estate Appraiser

One Unit Residential Appraisal Field Review Report Fannie Mae 2000 Freddie Mac 1032 March 2005 Mary Cummins Real Estate Appraiser

One Unit Residential Appraisal Field Review Report Fannie Mae 2000 Freddie Mac 1032 March 2005 Mary Cummins Real Estate Appraiser

One Unit Residential Appraisal Field Review Report Fannie Mae 2000 Freddie Mac 1032 March 2005 Mary Cummins Real Estate Appraiser


http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/One%20Unit%20Residential%20Appraisal%20Field%20Review%20Report%20Fannie%20Mae%202000%20Freddie%20Mac%201032%20March%202005%20Mary%20Cummins%20Real%20Estate%20Appraiser.PDF

Operating Income Statement Fannie Mae form 216 Freddie Mac form 998 August 1988 Mary Cummins Real Estate Appraiser.PDF      

Operating Income Statement Fannie Mae form 216 Freddie Mac form 998 August 1988 Mary Cummins Real Estate Appraiser

Operating Income Statement Fannie Mae form 216 Freddie Mac form 998 August 1988 Mary Cummins Real Estate Appraiser


http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Operating%20Income%20Statement%20Fannie%20Mae%20form%20216%20Freddie%20Mac%20form%20998%20August%201988%20Mary%20Cummins%20Real%20Estate%20Appraiser.PDF

Single Family Comparable Rent Schedule Fannie Mae form 1007 Freddie Mac form 1000 August 1988 Mary Cummins Real Estate Appraiser.PDF

Single Family Comparable Rent Schedule Fannie Mae form 1007 Freddie Mac form 1000 August 1988 Mary Cummins Real Estate Appraiser


http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Single%20Family%20Comparable%20Rent%20Schedule%20Fannie%20Mae%20form%201007%20Freddie%20Mac%20form%201000%20August%201988%20Mary%20Cummins%20Real%20Estate%20Appraiser.PDF

Small Residential Income Property Appraisal Report Fannie Mae form 1025 Freddie Mac form 72 March 2005 Mary Cummins Real Estate Appraiser.PDF     

Small Residential Income Property Appraisal Report Fannie Mae form 1025 Freddie Mac form 72 March 2005 Mary Cummins Real Estate Appraiser

Small Residential Income Property Appraisal Report Fannie Mae form 1025 Freddie Mac form 72 March 2005 Mary Cummins Real Estate Appraiser

Small Residential Income Property Appraisal Report Fannie Mae form 1025 Freddie Mac form 72 March 2005 Mary Cummins Real Estate Appraiser

Small Residential Income Property Appraisal Report Fannie Mae form 1025 Freddie Mac form 72 March 2005 Mary Cummins Real Estate Appraiser

Small Residential Income Property Appraisal Report Fannie Mae form 1025 Freddie Mac form 72 March 2005 Mary Cummins Real Estate Appraiser

Small Residential Income Property Appraisal Report Fannie Mae form 1025 Freddie Mac form 72 March 2005 Mary Cummins Real Estate Appraiser

Small Residential Income Property Appraisal Report Fannie Mae form 1025 Freddie Mac form 72 March 2005 Mary Cummins Real Estate Appraiser


http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Small%20Residential%20Income%20Property%20Appraisal%20Report%20Fannie%20Mae%20form%201025%20Freddie%20Mac%20form%2072%20March%202005%20Mary%20Cummins%20Real%20Estate%20Appraiser.PDF

Uniform Appraisal Dataset UAD Definitions Addendum Fannie Mae form Mary Cummins real estate appraiser.PDF       

Uniform Appraisal Dataset UAD Definitions Addendum Fannie Mae form Mary Cummins real estate appraiser

Uniform Appraisal Dataset UAD Definitions Addendum Fannie Mae form Mary Cummins real estate appraiser

Uniform Appraisal Dataset UAD Definitions Addendum Fannie Mae form Mary Cummins real estate appraiser


http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Uniform%20Appraisal%20Dataset%20UAD%20Definitions%20Addendum%20Fannie%20Mae%20form%20Mary%20Cummins%20real%20estate%20appraiser.PDF

Uniform Residential Appraisal Report URAR UAD Fannie Mae form 1004 Freddie Mac form 70 March 2005 Mary Cummins Real Estate Appraiser.PDF   

Uniform Residential Appraisal Report URAR UAD Fannie Mae form 1004 Freddie Mac form 70 March 2005 Mary Cummins Real Estate Appraiser

Uniform Residential Appraisal Report URAR UAD Fannie Mae form 1004 Freddie Mac form 70 March 2005 Mary Cummins Real Estate Appraiser

Uniform Residential Appraisal Report URAR UAD Fannie Mae form 1004 Freddie Mac form 70 March 2005 Mary Cummins Real Estate Appraiser

Uniform Residential Appraisal Report URAR UAD Fannie Mae form 1004 Freddie Mac form 70 March 2005 Mary Cummins Real Estate Appraiser

Uniform Residential Appraisal Report URAR UAD Fannie Mae form 1004 Freddie Mac form 70 March 2005 Mary Cummins Real Estate Appraiser

Uniform Residential Appraisal Report URAR UAD Fannie Mae form 1004 Freddie Mac form 70 March 2005 Mary Cummins Real Estate Appraiser


http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Uniform%20Residential%20Appraisal%20Report%20URAR%20UAD%20Fannie%20Mae%20form%201004%20Freddie%20Mac%20form%2070%20March%202005%20Mary%20Cummins%20Real%20Estate%20Appraiser.PDF


Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.


Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin