Appraisers are increasingly vulnerable to many kinds of liability. This is consistent with trends in society in general, where litigation is more common than ever. Appraisers are bound to follow established guidelines from USPAP, government agencies, and lenders, and failure to do so properly may result in civil penalties, criminal penalties, or loss of license.
This seminar examines many practical ways that appraisers may protect themselves in their every day practice, pointing out common malpractices and investigating what remedies may be available. The seminar will review various legal definitions and categories of penalties, the importance of engagement letters and employment contracts, environmental issues that create appraiser liability, real estate fraud, and common appraisal errors. Also covered will be the limitations of disclaimers, liability concerns under USPAP, the scope of liability, the importance of disclosure and verification, and coverage and exclusions of E & O Insurance. Other important topics are discussed, including lender pressures, fair lending issues, Review Appraiser issues, and the Gramm-Leach-Bliley Privacy Act.
Approved by the Appraiser Qualifications Board (AQB) of The Appraisal Foundation and the state of Georgia as course approval 38047.
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