Business ProfileforRiverside/WR Appraisals, Inc.

On July 18, 2022,  the business entered into a Consent Order with the Minnesota Department of Commerce. The Consent Order settles allegations that the business failed to accurately state information about: a property, a violation of Uniform Standards for Professional Appraisal Practice (USPAP) Standards Rule (SR) 1-1 (b)(c) (2020) and Minn. Stat. 82B.20 subd. 2 (6)(13) (2020); about comparable properties, a violation of USPAP SR 1-1(c) and SR 1-4(a) (2020) and Minn. Stat. 82B.195 subd. 3 (1)(i) and 82B.20 subd. (6)(13) (2020); and failed to accurately apply adjustments in the sales comparison approach, a violation of USPAP SR 1-1(a) (2020) and Minn. Stat. 82B.195 subd. 3 (10(vi) (2020).  The Order also settles allegations that the business  failed to summarize the information analyzed and failed to include the reasoning for supporting the analysis, a violation of USPAP SR 2-2(x)(5) (2020) and Minn. Stat. 82B.195 subd. 3 (1)(vi) (2020) and failed to provide a file to support the opinions and conclusions in the appraisal report, a violation of USPAP Record Keeping Rule (2020) and Minn. Stat. 82B.071 subd. 2 (2020). Under terms of the Consent Order, the business agreed to pay a file of $2000.00; complete educational courses within 90 days; cease and desist from violating any laws, rules or orders under the responsibility of Minnesota Dept. of Commerce; and pay investigation costs of $270.00. The Consent Order was for settlement purposes only and should not be considered as an admission of guilt or finding of violation of the law. For more details go to the below link.