Why the Appraisal Engagement Letter Isn’t Enough
McKissock Learning Blog
by McKissock
2M ago
Should you execute an appraisal engagement letter with your clients? Absolutely. Is the engagement letter enough to ensure you remain compliant with the Uniform Standards of Professional Appraisal Practice (USPAP)? Not necessarily. What is an appraisal letter of engagement? An appraisal engagement letter is a legally binding document that defines the terms and conditions of your arrangement with your client, addresses the scope of the assignment, and establishes your compensation. To protect yourself and reduce any confusion on the client’s side, you should execute one with each appraisal cli ..read more
Visit website
5 Fictional Castles that Would Be Really Fun to Appraise
McKissock Learning Blog
by McKissock
2M ago
Can you imagine what it would be like to visit and appraise a famous make-believe castle? Just for fun, we asked our real estate appraisal community, “What fictional castle would you want to appraise?” Choices ranged from the majestic Disney Castle to Count Dracula’s spooky medieval fortress. Keep reading to learn which make-believe castles would be the most fun to appraise, and why, according to real-life appraisers. Want to participate? Sign up for our newsletter to get the next “Question of the Month” survey delivered to your inbox. What fictional castle would you want to appraise ..read more
Visit website
HUD Clarifies Appliance Requirement in Handbook 4000.1
McKissock Learning Blog
by McKissock
2M ago
Few topics spark more debate among appraisers than how to handle appliances in an FHA appraisal. When HUD Handbook 4000.1 was released in June of 2015, appraisers were initially confused about their obligations regarding appliances. This confusion was so great that it caused HUD to revise the Handbook only three months later. To assist appraisers who are still unclear on this issue, we are going to briefly examine the definitions and FHA requirements for appliances from the Handbook. How does the FHA define appliances? In September of 2015, FHA revised Handbook 4000.1 to provide a specific de ..read more
Visit website
Understanding Appraisal Condition Ratings (C1 to C6)
McKissock Learning Blog
by McKissock
2M ago
As part of the Uniform Appraisal Dataset (UAD), Freddie Mac and Fannie Mae require appraisers to rate the property condition on a standardized scale. Whether you’re a new or experienced appraiser, it’s a good idea to refresh your knowledge of the standard appraisal condition ratings to promote accuracy and consistency in your appraisal reports. Here’s an overview of the UAD condition ratings (from C1 to C6) and some guidelines on how to assign them. Defining appraisal condition ratings Appraisal condition ratings, also known as UAD condition ratings or property condition ratings, are the stan ..read more
Visit website
Choosing the Right Real Estate Side Hustle
McKissock Learning Blog
by McKissock
2M ago
Whether you’re just starting out in real estate, or you’ve been selling homes for years, you may be looking for opportunities to increase your income. Choosing a real estate side hustle can be challenging because you don’t want anything that will require an extensive time or financial investment to get started like flipping properties. You also need something you can ramp up or scale down with market fluctuations, unlike real estate marketing that requires consistent work and attention. Becoming a property data collector may be the real estate side hustle that checks all your boxes. We’re prov ..read more
Visit website
2024 Housing Market Predictions and Insights for Appraisers
McKissock Learning Blog
by McKissock
2M ago
In this special installment of  The Full Measure with Kevin Hecht, uncover 2024 housing market predictions, economic insights, and recommendations for residential appraisers. After a volatile 2021–2022 period, the U.S. housing market in 2023 slowed dramatically, with existing home sales plunging 19% year-over-year. While moderating from peak levels, home prices climbed to a median of $387,600 in November 2023, up 4% from 2022. Meanwhile, mortgage rates averaged around 6.9% for the year after spiking over 7% in late 2022. As we enter 2024, projections call for a mixed picture of continuit ..read more
Visit website
The Realm of Relocation Appraisals
McKissock Learning Blog
by McKissock
2M ago
Until the mid-1960s, the United States had a fairly stationary workforce. Except for people in the military, jobs didn’t require people to relocate to new areas. But as moving became more accessible and companies began to source employees from different locations, relocation became more common. And this opened the door to a new service: relocation appraisals. Before we dive deeper into this topic, let’s set the stage. For corporations to better serve their employees, they established an organization to address issues related to moving belongings and selling real estate. This organization led t ..read more
Visit website
Understanding Functional Obsolescence in Appraisals
McKissock Learning Blog
by McKissock
3M ago
For appraisers, functional obsolescence can be a challenging concept because the elements that influence property values may not be obvious or immediately apparent. To help you better understand what it means and how to pinpoint it, we’re exploring some examples, the different types of functional obsolescence, and how it can influence property values. Enjoy exclusive access to appraisal CE courses and other resources that will keep you up to date and in the know. Become an Unlimited Learning Member. What is functional obsolescence? The literal textbook definition from The Dictionary of Real ..read more
Visit website
Appraisers Share Their Top Professional Goals for 2024
McKissock Learning Blog
by McKissock
3M ago
With 2024 just around the corner, we wanted to find out what goals real estate appraisers hope to achieve and where they plan to focus their efforts in the coming year. As part of our monthly survey series, we asked our appraisal community, “What is your top professional goal for 2024?” Many are planning to either get licensed/certified or work on growing their business. Read the full survey results below. Want to participate? Sign up for our newsletter to get the next “Question of the Month” survey delivered to your inbox. What is your top professional goal for 2024? Get licensed or ..read more
Visit website
The Full Measure with Kevin Hecht: Economic Recap November 2023
McKissock Learning Blog
by McKissock
4M ago
Welcome to the latest installment of The Full Measure with Kevin Hecht—your destination for the most current economic insights and analyses. Catered to real estate appraisers, agents, and other professionals, this monthly blog series helps you navigate the ever-evolving economic environment. Uncover this month’s economic trends and insights—written from an appraiser’s standpoint—in the following economic recap for November 2023. Subscribe to our newsletter to get valuable economic insights, career tips, and more straight to your inbox. Economic recap November 2023 October was a pivotal mont ..read more
Visit website

Follow McKissock Learning Blog on FeedSpot

Continue with Google
Continue with Apple
OR