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Hot Topics and Myths in Appraiser Liability
April 12, 2018
Local Area Topics
Kirkwood Regional Center
2301 Oakdale Blvd
Sponsor / Contact
Shauna E. Gehring, SRA
• Overview of appraiser professional liability claims:
Cover key legal elements of negligence claims against appraisers and help you understand key liability issues.
Cover a few hot topics and dispel a few myths.
Offer liability prevention suggestions.
Assure you that liability for appraisers in general is not out of control.
The seminar covers current liability trends affecting real appraisers.
It addresses hot liability topics and dispels some common myths.
Recent lawsuits against appraisers form the foundation of the program.
The lawsuits relate to a wide range of appraisal work – residential lending, -commercial lending, -right-of-way, -tax, -and expert witness work – but each case has a lesson for all appraisers.
Up To 14 days prior to program start date, refund in full.
2 - 13 days prior to program start date, $75.00 cancellation fee.
Less than 2 days prior to program start date, forfeit of payment.
Program materials will be picked up at the site.
This seminar provides an overview of appraiser liability issues and best ways for appraisers to prevent liability claims. The seminar covers the current liability trends affecting appraisers and dispels some common myths and misunderstandings. Actual lawsuits and claims form the foundation of the program.
Who sues appraisers? What do they sue for? How does the concept of intended user in an appraisal relate to an appraiser’s potential liability? Can an appraiser be sued more than five years after the appraisal – i.e., what are the relevant statutes of limitation? How long should an appraiser keep a work file? What should go in a work file to help the appraiser in defense of a lawsuit? What liability exposures exist for appraisal review work? What does E&O insurance cover? These are the types of questions answered by the seminar.
The objectives of the 7-hour seminar are to educate appraisers about:
• The most common sources and causes of professional negligence lawsuits against appraisers.
• The difference between the USPAP concepts of client/intended user versus who can sue an appraiser for negligence.
• The danger areas of appraising with respect to potential liability.
• What appraisers can do to minimize liability risk (the emphasis is on the need for better and clearer disclosure, not disclaimer language).
• How to deal with common liability threat situations.
• The progress of a typical appraiser liability lawsuit. The most common claims and defenses.
• The importance of the appraiser’s work file and what elements of the work file are most relevant to liability prevention.
• The role of professional liability insurance.
**The seminar is not in any way a commercial for E&O insurance. It is focused on liability prevention issues. However, appraisers who are insured by LIA’s E&O program with Liberty Mutual, or who purchase E&O from LIA within a year after the seminar, become eligible for a one-time discount on their premium of $50 for a $500K or $1m per claim policy or $25 for a $300k per claim policy per appraiser by completing the Loss Prevention Program. This discount may be applied toward any payment due after the seminar. Appraisers may claim the discount by showing a copy of their CE certificate to LIA. Only one discount per insured appraiser per year.
Continue Education Credit: Seven (7) hours of continuing education credits have been approved by the Appraisal Institute, seven (7) hours of continuing education credits have been approved for license and appraisal certification renewal in Iowa and Illinois, seven(7) hours of continue education have been approved for Realtors by the Iowa Real Estate Commission and seven(7) hours of continuing education credits have been approved by the Iowa Department of Revenue for assessors.
200 W. Madison, Suite 1500, Chicago, IL 60606
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