Appraiser Liability 101 | Florida Edition
Essential Concepts
$74.95
Approved for 4 hours of continuing education in Florida (Approval #3366).
Course Description
Appraiser Liability 101 covers current liability issues for real estate appraisers and the best practices to avoid claims. The discussion primarily relates to appraisal work for lending assignments. An emphasis is placed on developing the ability of student appraisers to apply the learned concepts to their real world work.
Course Summary
This course covers current liability trends affecting appraisers and dispels some common myths and misunderstandings. It is focused primarily on appraisals and appraisal reviews for mortgage loans. Actual lawsuits and claims form the foundation of the program.
These are the types of questions answered by the course: Who sues appraisers? What do they sue for? What are the most common errors that lead to lawsuits? How do the USPAP concepts of intended use and user relate to an appraiser’s potential liability? Based on recent case law, how can an appraiser best protect themselves against unwarranted liability? What liability exposures exist for appraisal review work?
The course content consists of seven video lectures by attorney Peter Christensen with quizzes following each video. Each video must be watched in its entirety and the chapter video must be passed before the student can move to the next chapter.
Course Objectives
- Understand the key legal elements of a professional negligence claim and, basedon that knowledge, identify the main liability risks in appraisal work.
- Recognize the most common parties who file lawsuits against appraisers inrelation to appraisals for lending purposes.
- Understand why and how the USPAP concepts of client/intended user andintended use relate to legal claims against appraisers.
- Critically evaluate intended use and user language and develop intended useand user language that reduces liability risk.
- Critically evaluate appraisal report forms for liability risks they may create.
- Understand the most common problems in appraisals raised in claims.
- How to make effective disclosures in appraisal reports.8.Handle common liability threats and actual claims properly.
- Understand the importance of the appraiser’s work file to liability prevention.
- Know how the statute of limitations works for common claims against appraisers.
- Spot and address key liability issues in new forms of appraisal work (“hybridappraisals”).
- Understand the special liability characteristics of appraisal review work.
- Understand supervisor and trainee risk.
- Differentiate and understand the different liability risks posed by non-lendingappraisal assignments.
- Understand key aspects of professional liability insurance.
- Understand how limited liability entities relate to individual professional liability.
E&O Discount for Completing Appraiser Liability 101
Appraisers who complete this course and who are insured by LIA Administrators & Insurance Services are eligible for a minimum $50 discount on their next E&O policy premium (if the per claim limit of your policy is $500,000 or higher) or a minimum $25 discount (if the claim limit is lower). Higher discounts (up to $70) may apply to policies issued after January 1, 2020 in certain states depending on state insurance department approvals – please check with LIA about your applicable discount.
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Course Author
Peter Christensen
Peter maintains a legal practice focused on assisting clients with legal and regulatory matters concerning real estate valuation and litigation. His clients include appraisers and valuation firms, as well as technology companies and investors. He formerly served as the general counsel of LIA Administrators & Insurance Services, which provides professional liability insurance to more than 15,000 individual real estate appraisers and firms.
His law practice is focused on legal and regulatory issues concerning real estate valuation, appraisal and valuation firms, appraisal management companies and insurance coverage.
Peter’s book, Risk Management for Real Estate Appraisers and Appraisal Firms, was published by the Appraisal Institute in August 2019. He has also published more than 50 articles relating to appraisal legal issues, many appearing in the Appraisal Institute’s Valuation magazine, and has presented hundreds of seminars to appraisers and appraisal/valuation firms.
