Are there laws against over appraising homes in order to benefit brokers?
Answers:
Yes, RESPA, fraud, fraudulent inducement, RICO, etc. basically, any law involving falsifying information. Over appraising property is a very old scam that everyong thinks they are the first to try.
Yes, it's called fraud and misrepresentation and flipping.
The US Courts are beginning to prosecute many fradulent mortgage brokers, appriasers and real estate agents.
LOL. Have you heard of fraud? The real estate industry is heavily regulated, and anything someone with a license says or does can be used against them in criminal proceedings.
It is illegal for an Appraiser to falsefy his appraisal by using bogus information. Anyone aware of the scheme is just as guilty. You can report them to the Appraisal Board in your state. I just had my home appraised and the person made so many mistakes we had to send the document back 3 times before she got it right. I am reporting her to the board and asking them to look into her practices because she is not knowledgable. Her mistakes caused me major grief. Her license may not be revoked but she could be placed on probation and this remains public record.
The answers post by the user, for information only, FreeLawAnswer.com does not guarantee the right.
Answer question:
More Law Questions and Answers: