Monday, June 26, 2017


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.


Virginia Real Estate Broker

I was recently finally approved to be issued my Virginia Real Estate Broker license. I was considering opening my own firm, but decided against it. The long-term plan is to move back to Florida and building a staff in Virginia just seemed like a waste of time. I am already a licensed Real Estate Broker in Florida, so the transition back would be very easy. I am excited for the fall since I will be starting graduate school to earn a Master of Construction Management with an emphasis in Land Development at Western Carolina University (WCU). I also recently learned that I got a scholarship to finish my Master of Accounting and Financial Management at the Keller Graduate School of Management. Once that is done, I will be eligible to take the CPA exam and be issued a license. I will have to squeeze that in while attending WCU. I can't forget that my Seminoles will make another run for a National Championship in Football. It's great to be a Nole!! 


Real Estate Development Program

I am scheduled to start the Masters program in Construction Management at Western Carolina University in the summer of 2014. I will probably attend, but I discovered a Masters program in Real Estate Development at Auburn University that really caught my attention. The program only meets on campus a few times a year and travels around the Country to study actual projects currently in the development stage at the time. The rest of the program is completed via distance learning. It is reserved for Executives with experience. The program begins only once each year. So, I will have to wait for the 2015 enrolling class if I do choose to go for it. Very interesting delivery methods and a good school.

Appraiser Certification

I finally earned the Residential Real Estate Appraiser Certification. As a result, I left the firm I was with for lots of reasons. I never posted who I was working for since I knew I would not be with them any longer than I had to. So, what now? I have launched Correia Consulting, which is an appraisal and valuations consulting firm. I will mainly operate out of Virginia Beach, but will also be setting up an office in Florida so that I can get out of the COLD Virginia winters for about four months each year. I am not sure what City it will be in, but I am leaning towards Ponte Vedra near Jacksonville. I even have the house picked out I would like to buy if I go to Ponte Vedra. I am setting up a conglomerate of real estate companies with the parent company known as The Correia Corporation. The first subsidiary is Correia Consulting and the second is Correia Commercial. A residential brokerage Correia & Company should be coming online soon. It will mainly focus on property management in its initial phase of development.


Sports Business

Team USA American FootballJeremy is on the Board of Directors for Team USA American Football Stars & Stripes. Its main goal is to help with the 
growth of American Football in Developing Countries all over the world and at all levels. With the growing movement of American Football around the world, it is TUSAAFSS’s
 mission to become the Best Team that will be playing American Football in
 developing countries that have not yet had the entertainment experience of the
 game. TUSAAFSS'S partnerships with organizations that are involved directly will
 help pave the way for maximum exposure of the sport in developing countries
 and help bring new relationships between different countries.
 TUSAAFSS will consist of highly trained athletes and staff members who will
 help with the training of new athletes, as well as entertaining along with
t he Stars & Stripes Cheerleaders and Mascot. TUSAAFSS’S games will be played
 internationally to show the true spirit of the sport of American Football.
 TUSAAFSS’S partnership with the Team USA American Football Stars & Stripes
 Foundation will mainly be to provide entertainment to the foundation
 when required. Please note that when we say Developing Countries, we mean
 countries that will be developing American Football programs.

Team USA American Football Stars & Stripes Team will consist of recently
 graduated college athletes and or former professional athletes. Each team
 member will be screened for athletic ability and character and will be
 supported by the Stars & Stripes Cheerleaders and team Mascot. The TUSAAFSS
 team will have coaches, trainers, and administrative professionals who will
 maintain the running of the team and help promote the different programs that
 will be set up in developing countries. TUSAAFSS'S Team members will be 
available at all events to show the true meaning of the sport and create
 partnerships with organizations that are interested in starting American
 Football programs in their Country. The team will be an advertising beacon
 for the sport and will look for innovative ways of displaying sponsorship logos 
directly on uniforms. TUSAAFSS will act as a valued entertainment magnet that
 will draw fans of all ages to the sport of American Football in developing 
countries. The team is run specifically from Sponsor driven advertising and
 donations that are garnered from the TUSAAFSS Organization.