ANOTHER NINE PAGES OF CRAP PRODUCED BY A DISCRASED INSTITUTION LACKING MORALS, ETHICS, and CANDER.
This all stems from their lack of knowledge in the real estate field and their years of practice implying that Appraisal is an Art, like Painting, Photography, or Philosophy absent the Logic. It is not and should not be, within the Appraisal Institutes prevue to conjure up legal or real estate definitions, rather they should understand the law and terms and concentrate on applying rational, concrete, and supportable methodology to estimate real property values.
“Proposal After deliberating, the Fee Simple Definition Work Group presented a proposed new definition, as follows:. . .
Fee simple estate. The highest estate allowed by law. An inheritable ownership interest of indefinite duration.
In addition, it was suggested that the valuation profession discontinue use of the terms leased fee and 138 leased fee estate.”
” Another potential implication of the proposed revision to the definition of fee simple estate is that the terms leased fee and leased fee estate would not be needed; in fact, such terms would be inappropriate and would not be used.” (No Shit Sherlock!)
You may think I am a little miffed? Yes! For decades I have argued with AI Appraisal Institute Reviewer Poop’s that this concept, they created, was ridiculous, they did nothing. Now the shit’s getting ready to hit the fan well see what happens.
One day someone in Congress is going to have the balls to investigate these incompetent potentates and reduce them to a position of royal eunuchs.
Curtis D. Harris, BS, CGREA, REB
Associate Degree in Architecture, LACC
Bachelor of Science in Real Estate, CSULA
State Certified General Appraiser
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IT'S THE LAW-Designation Discrimination is Illegal [FIRREA, Sec. 564.6]: Professional Association Membership: "A State Certified General Appraiser may not be excluded from consideration for an assignment for a federally related transaction by virtue of membership or lack of membership in any particular appraisal organization," including the appraisal institute. http://www.ofi.state.la.us/re-otspart565.pdf
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