Aug 19, 2015
Geographical competency. Does it exist? What is it? Are we going the wrong direction with it's implementation?
You are exactly right, the appraiser must obtain (seek-out) adequate market knowledge & data to properly complete the assignment. In some respects we need to update our knowledge of the market even with the immediate area of our office, as it's a constant learning/updating process in all areas that we perform assignments. Mileage is not the determining factor.
Reviewer's should be required to have geographical competency.
GC was a campaign started by NAR due to the downward value spiral post 2008. Soon after the LO's, then AMC's adopted as well.
GC as defined by NAR and AMCs is restraint of trade-period.
If you are a rural appraiser this destroys your ability to make a living. One can be boycotted, mess up on a silly mistake, etc.
Like GC AMCs, have interpreted Dodd Frank to meet their business needs. AMC's are not GC and they act illegally and that's the problem.