Real Property Appraiser license revoked for negligence and incompetence in appraising property value.

Topic: Real Estate, Decided by: Judge Oakley 
Docket Number: 1418433 , Decision Date: January 9, 2014 
Attachment: Click here to download the decision. 

Respondent’s State Certified Residential Real Property Appraiser license was appropriately revoked after he conducted a property appraisal that contained numerous inconsistencies, errors, and omissions of required information.  The failure to employ the techniques necessary to produce an accurate and credible appraisal resulted in the valuation of a property at $145,500, instead of its true fair market value of $58,000.  Reliance on this wildly inaccurate appraisal caused the lender significant monetary harm in connection with its financing and refinancing of the property.

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