Institute suspends appraiser for misconduct

Real Estate

Rob Antle rantle@thetelegram.com
Published on March 16, 2010

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.

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