The Appraisal Institute of Canada has suspended a local real-estate appraiser for breaching its standards of professional practice.
The institute suspended Frank Evely of Bay Roberts for two years and ordered him to pay $10,000 in fines.
Georges Lozano, the institute's CEO, said the suspension was sparked by a "quite serious" violation of its standards.
Evely's suspension involved two ap-praisals:
In 2006, Evely was the selling agent for a property that sold for $62,000. But two weeks later, he appraised its value at $100,000 and did not mention his involvement in the earlier sale. "By this omission, the member has prejudiced his professional status and the appraisal profession," the case summary notes. "This omission is, at the very least, misleading." The institute said there was no explanation for the sudden increase in the property's value.
He prepared an appraisal on a property less than one week after it had sold. The property was appraised for $110,000 and had sold for $71,000, yet the appraisal made no mention of the sale. According to the case summary, Evely acted as one of the agents involved in the sale and was also the listing agent in a former expired listing, but did not disclose this in the appraisal.
Evely was suspended for one year and fined $5,000 in each case. He did not return Telegram phone and e-mail messages on Monday.
Evely is currently a Realtor and Re/Max agent. His website indicates he has been in the real estate business since 1989 as an appraiser. He has been involved with Re/Max since 1999.
The Newfoundland and Labrador Association of Realtors steered calls to its president Dorothy Woodd, a real-estate agent in Gander. Woodd did not return a Telegram phone message before deadline.
Lozano said there are only a handful of such suspensions across the country in an average year.
The suspension means Evely can do appraisal work, but it must be co-signed by a designated member in good standing.
rantle@thetelegram.com
Institute suspends appraiser for misconduct
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Published on
March 16, 2010
- Published on July 1, 2010
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Rob Antle
Real Estate
The Appraisal Institute of Canada has suspended a local real-estate appraiser for breaching its standards of professional practice.
The institute suspended Frank Evely of Bay Roberts for two years and ordered him to pay $10,000 in fines.
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Comments
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- B
- - July 2, 2010 at 15:03:48
The Appraisal Institute of Canada has done their part. It will be interesting to see if the Realtor's Association does anything.
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- Jim
- - July 2, 2010 at 15:02:39
I wonder will he face any discipline form the Real Estate Board? Doesn't his actions breach the code of ethics of a realtor? After all, he was apparently performing as an agent in one of the transactions as well as being the appraiser......
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- Sam
- - July 2, 2010 at 14:40:33
There should be guidelines that say appraisers cannot be agents. Quite the implied conflict if you ask me....
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- Isedabye
- - July 2, 2010 at 14:40:10
perhaps someone from the Institute would enlighten readers on how appraisers can value real estate at less than half of its appraised value of two years previous comparing the property to run down premises to achieve this while similar properties go unmentioned that would have shown equal or increased value to the original appraisal...hint: a bank cannot sell a property at less than 70% of its appraised value without resorting to court action...read: costly for banks...bottom line , an appraiser can assess a property at whatever value he/she is(nudge..nudge...poke...poke...a nod is as good as a wink to a blindman) suggestively told by the powers that be they NEED it assessed at!!!!!!!!!!!!!!
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- B
- - July 1, 2010 at 21:52:40
The Appraisal Institute of Canada has done their part. It will be interesting to see if the Realtor's Association does anything.
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- Jim
- - July 1, 2010 at 21:51:35
I wonder will he face any discipline form the Real Estate Board? Doesn't his actions breach the code of ethics of a realtor? After all, he was apparently performing as an agent in one of the transactions as well as being the appraiser......
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- Sam
- - July 1, 2010 at 21:16:37
There should be guidelines that say appraisers cannot be agents. Quite the implied conflict if you ask me....
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- Isedabye
- - July 1, 2010 at 21:15:57
perhaps someone from the Institute would enlighten readers on how appraisers can value real estate at less than half of its appraised value of two years previous comparing the property to run down premises to achieve this while similar properties go unmentioned that would have shown equal or increased value to the original appraisal...hint: a bank cannot sell a property at less than 70% of its appraised value without resorting to court action...read: costly for banks...bottom line , an appraiser can assess a property at whatever value he/she is(nudge..nudge...poke...poke...a nod is as good as a wink to a blindman) suggestively told by the powers that be they NEED it assessed at!!!!!!!!!!!!!!
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