A complex 1-to-4 family residential transaction is one in which the property to be appraised, the form of ownership or market conditions are atypical.
All complex 1-to-4 family residential property appraisals rendered in connection with federally related transactions require a state certified appraiser if the transaction value is $400,000 or more. A regulated institution may presume that appraisals of 1-to-4 family residential properties are not complex, unless the institution has readily available information that a given appraisal will be complex.
The regulated institution is responsible for making the final determination of whether the appraisal is complex. If during the course of the appraisal a licensed appraiser identifies factors that would result in the property, form of ownership, or market conditions being considered atypical, then either: (i) the regulated institution may ask the licensed appraiser to complete the appraisal and have a certified appraiser approve and co-sign the appraisal; or (ii) the institution may engage a certified appraiser to complete the appraisal.
All appraisals for federally related transaction not requiring the services of a state certified appraiser can be prepared by either a state certified appraiser or a state licensed appraiser.