Approved for 4 hours of continuing education in AZ, CA, CO, FL, GA, KY, LA, MA, MD, MI, MO, MS, NC, NJ, OH, TN, TX and WA. *Pending approval in AL. More state approvals coming soon!
AL Approval #: Pending
AZ Approval #: D0220-0000012
CA Approval #: 2010501022
Approved by Colorado Real Estate Appraisers Board
FL Approval #: 3366
GA Approval #: 71629
Approved by Kentucky Real Estate Appraisers Board
LA Approval #: Pending
MA Approval #: 1360011
Approved by Maryland Real Estate Appraisers Board
MI Approval #: 3461
Approved by the Missouri Real Estate Appraisers Commission
MS Approval #: 50256
NC Approval #: 4354
NJ Approval #: 2020-200
OH Approval #: 948000903A 20
TN Approval #: 2379
TX Approval #: 40664
WA Approval #: A20105885S
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.
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.
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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Peter is the principal attorney of the Christensen Law Firm (www.valuationlegal.com). His legal work is focused on matters concerning valuation (real property, personal property and business) and related services. The clients he serves are valuation firms and professionals; technology and appraisal management companies; and also individual and commercial parties who use or rely on valuation services.
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.