Q: Condominium Master Insurance Policy

When do I need an appraisal? Florida law requires residential condo associations to maintain an Insurance Appraisal that is no more than (3) years old. CFAC has performed hundreds of Insurance Appraisals over the years for condominiums located throughout central Florida.

Question 1

Click here for an "Overview" Article from FCAP re: Condominium Master Policy

Accepted Answer

"Insurance Appraisal" (https://www.fcapgroup.com/flcaj/flcaj-articles/insurance-appraisals)

Core Logic developed an industry standard software called "Property Express" which produces a "Detailed Valuation Report".  We subscribe to this internet-based software

Question 2

Condominium Master Insurance Policy

Accepted Answer

When do I need an appraisal?  
​
Florida law requires residential condo associations to maintain an Insurance Appraisal that is no more than (3) years old.

CFAC has performed hundreds of Insurance Appraisals over the years for condominiums located throughout central Florida.

Question 3

Required Insurance Appraisals for Florida Condominium Associations

Accepted Answer

Required Insurance Appraisals for Florida Condominium Associations

By Shane Smith (https://www.condominiuminsurancelaw.com/author/ssmith/)on December 13, 2017

POSTED IN CONDOMINIUM ASSOCIATIONS (https://www.condominiuminsurancelaw.com/condominium-associations/)

For many condominium association boards of directors, the fall months are considered “budget season” because this is the time the board members and property manager work together to produce a budget for the start of the new fiscal year in January. While condominium association budgets address a variety of things, property insurance is one significant line item that cannot be overlooked.

As part of property insurance, one item that all Florida associations must consider for their budgets is the cost for an insurance appraisal that determines the “full insurable value” or “replacement cost” of the association property.

Florida Statutes 718.111(11)(a) requires all condominium associations to have “adequate” hazard insurance. To comply with the s tatute, a condominium association is required to have an insurance appraisal of the condominium property at least once every 36 months (3 years).

Question 4

How are residential and commercial property appraisers licensed?

Accepted Answer

Commercial & Residential RE appraisers have different licenses
Commercial RE appraisers appraise both commercial & residential real estate
Residential appraisers are limited to single family & multifamily up to four units

Question 5

Commercial Real Estate Appraisal

Accepted Answer

Daniel Peele has an extensive background in appraising Commercial real estate.
Please call to discuss your needs.

Question 6

Commercial Real Estate Appraisal under RE Brokers License

Accepted Answer

Responsible Valuation Policy
(National Association of Realtors)

https://www.nar.realtor/appraisal-valuation/responsible-valuation-policy (https://www.nar.realtor/appraisal-valuation/responsible-valuation-policy)

Question 7

Purpose of Valuation Policy

Accepted Answer

This document serves as the National Association of REALTORS® statement of federal policy on valuing real property. It serves as a guide for members and staff in advocacy efforts for federal legislation and regulatory policy.

This statement of policy, aside from the National Association of REALTORS® Code of Ethics, is not in any way an attempt to impose new or additional standards of practice or behavior on members of the National Association of REALTORS®.

Question 8

Standard of Practice 11-1

Accepted Answer

When REALTORS® prepare opinions of real property value or price, other than in pursuit of a listing or to assist a potential purchaser in formulating a purchase offer, such opinions shall include the following unless the party requesting the opinion requires a specific type of report or different data set:
1. Identification of the subject property
2. Date prepared
3. Defined value or price
4. Limiting conditions, including statements of purpose(s) and intended user(s)
5. Any present or contemplated interest, including the possibility of representing the
6. Seller/landlord or buyers/tenants
7. Basis for the opinion, including applicable market data
8. If the opinion is not an appraisal, a statement to that effect (Amended 1/10)

Question 9

Responsible Valuation Policy Appraisals

Accepted Answer

• Persons who perform appraisals of real property shall be licensed or certified by their respective
 • State regulatory agency and the appraisal shall be conducted in accordance with standards
 • Established in the Uniform Standards of Professional Appraisal Practice (USPAP).
 • No person with an interest in the mortgage transaction shall compensate, coerce, extort,
 • Collude, instruct, induce, bribe, or intimidate a person, appraisal management company, or firm
 • For the purpose of causing the appraised value to be based on anything other than the
 • Independent analysis of the appraiser.

Question 10

Non-Appraisal Opinions

Accepted Answer

• Non-appraisal opinions, such as Broker Price Opinions (BPO) and comparative market analyses
 • Performed by REALTORS® shall contain, at a minimum, the information specified in Standard of
 • Practice 11-1 of the National Association of REALTORS® Code of Ethics except where the party
 • Requesting the opinion requests a specific type of report or different data set, or where the opinion
 • Is developed in pursuit of a listing or to assist a potential purchaser in formulating a purchase offer.

Question 11

Is there a list of Real Estate Service Providers that I can refer to?  Yes....

Accepted Answer

Examples include residential appraisers, private lenders, surveyors, environmental consultants, lawyers and many more……For more info please visit our "RE Related Services" page on this website.

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CAM Firms Property Owners Banks, Private Lenders

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CAM Firms
Property Owners
Banks, Private Lenders