Wednesday, August 16, 2017

Real Estate School - Correia College

I recently launched a Real Estate School teaching Florida Pre-Licensing and Continuing Education Units. I will soon be adding Appraisal Qualification Courses and CEU's as well as Mortgage Broker Pre-Licensing Education. Eventually Virginia Real Estate Pre-Licensing will also be added. That is as far as I plan on growing the school at this particular time. The school is Correia College and only offers online courses at this point. I am writing my own course pulling information from the real estate book that I am working on that focuses in large part on teaching practitioners that are not Appraisers and Government Officials the importance of the Uniform Standards and Principles of Appraisal Practice. All of the parties out there, except for the Appraiser, don't realize they are breaking the law on a regular basis and no one before me was willing to bring this to anyones attention. The level of incompetence is shocking. I am playing around with the idea of creating a College that is Regionally Accredited allowing students to earn college level credit. It would be a specialty college that only offers degrees related in some way to the real estate industry. Degrees would be in real estate, real estate development, appraising, construction management, engineering, architecture, urban planning and interior design. It would be as online as possible.

University of Denver - Executive MS in Real Estate & the Built Environment

I finally found that Master Degree related to Real Estate that I want to enroll in. The University of Denver, Daniels College of Business, has an Executive Master of Science in Real Estate and the the Built Environment. I am looking to get the additional 15 college credit hours needed so that I can teach Real Estate along with Business courses at a University some time into the future. In addition to Real Estate Development and Capital Markets courses, the program has a strong Construction Management component. It is a much longer program than a typical Masters degree. I don't really mind that since it touches all the bases of information that I am looking for to add to my resume. My eventual goal is to raise capital and venture into launching a development company that builds master planned communities and pushes smart growth onto City / County planning departments. We have to build smarter. The current way of development is not leading communities to better lifestyles.

 

"Appraisal Management Company" Business Expansion

After working as a Residential Real Estate Appraiser for three-years, I have seen enough to make the decision to open my own Appraisal Management Company (AMC). I have learned the hard way that the firms out there don't understand the Uniform Standards and Principles of Professional Appraisal Practice (USPAP). Since they don't understand the importance of this document and have not taken the time to learn it, they are breaking the law on a regular basis. USPAP is part of the Administrative Code in Florida meaning that it is enforceable. This incompetence is hurting the appraisal profession and I have taken on the fight to create change in addition to starting my own AMC with the intent of stealing the other AMC's clients. It is rare to have a Certified Residential Appraiser owning and operating an AMC. So, I have an advantage and should do well. Once I register my business with the Veterans Administration, I should also get a preference since my clients are Banks.

 

Florida Appraisal Instructor License

I have been back in Orlando, Florida for a little over a year now and finally got operations established. I was issued an Residential Appraisal Instructor License and have completed compiling all of the real estate licensing credentials I wanted. Since I spent two years in Virginia and acquired some licenses there, I am gonna go the extra step and apply for Instructor licenses in real estate and appraising with the intent of opening a real estate school online that is multi-faceted. I will also be looking into teaching Mortgage Broker and Home Inspector pre-licensing courses for students in Florida and Virginia.

 

Customary & Reasonable Fees

Regulation Z

42(f)(1) Requirement to Provide Customary and Reasonable Compensation to Fee Appraisers

  1. Agents of the creditor. Whether a person is an agent of the creditor is determined by applicable law; however, a “fee appraiser” as defined in paragraph (f)(4)(i) is not an agent of the creditor for purposes of paragraph (f), and therefore is not required to pay other fee appraisers customary and reasonable compensation under paragraph (f). 

  2. Geographic market. For purposes of paragraph (f), the “geographic market of the property being appraised” means the geographic market relevant to compensation levels for appraisal services. Depending on the facts and circumstances, the relevant geographic market may be a state, metropolitan statistical area (MSA), metropolitan division, area outside of an MSA, county, or other geographic area. For example, assume that fee appraisers who normally work only in County A generally accept $400 to appraise an attached single-family property in County A. Assume also that very few or no fee appraisers who work only in contiguous County B will accept a rate comparable to $400 to appraise an attached single-family property in County A. The relevant geographic market for an attached single-family property in County A may reasonably be defined as County A. On the other hand, assume that fee appraisers who normally work only in County A generally accept $400 to appraise an attached single-family property in County A. Assume also that many fee appraisers who normally work only in contiguous County B will accept a rate comparable to $400 to appraise an attached single-family property in County A. The relevant geographic market for an attached single-family property in County A may reasonably be defined to include both County A and County B.
  3. Failure to perform contractual obligations. Paragraph (f)(1) does not prohibit a creditor or its agent from withholding compensation from a fee appraiser for failing to meet contractual obligations, such as failing to provide the appraisal report or violating state or Federal appraisal laws in performing the appraisal.
  4. Agreement that fee is “customary and reasonable.” A document signed by a fee appraiser indicating that the appraiser agrees that the fee paid to the appraiser is “customary and reasonable” does not by itself create a presumption of compliance with § 1026.42(f) or otherwise satisfy the requirement to pay a fee appraiser at a customary and reasonable rate.
  5. Volume-based discounts. Section 1026.42(f)(1) does not prohibit a fee appraiser and a creditor (or its agent) from agreeing to compensation based on transaction volume, so long as the compensation is customary and reasonable. For example, assume that a fee appraiser typically receives $300 for appraisals from creditors with whom it does business; the fee appraiser, however, agrees to reduce the fee to $280 for a particular creditor, in exchange for a minimum number of assignments from the creditor.     

 

Florida Real Estate Instructor

I was recently issued the Real Estate Instructor License in Florida. Even though I currently live in Virginia Beach, VA, I am building my portfolio of Florida credentials since I plan on moving back in the Fall of 2015. I am working on earning the General Real Estate Appraiser License now and am just waiting for my application to be approved so that I can take the Certification Exam. I have picked the town in Florida I plan to move to and have even found the new home development as well as the house model that is right for me. Coming to Virginia Beach turned out to be a good decision in order for me to get some things in order. However, Florida is my home and the return is currently being planned.