I am confident that most of us by now are familiar with the commonly known acronyms that are used in the appraisal industry. There are ASC, BEA, CFR, DESA, EPA, FEMA, FIRREA, FHA, FNMA, FREDDIE, GNMA, HUD, IMF, JEC, KSC (ok that is actually the Kennedy Space Center – but you try and come up with a relevant K acronym), LOCIS, MSA, NAR, OTS, PHA, UAD, URAR, VA, and SRIP to name a few.
But how many of you are familiar with the following list. I take no credit for the majority of these as they have been around longer than the Internet.
ARTOR = Appraiser Really Tired of Rebuttals
BAFV = Best and Final Value
BISS = Because I Said So
CREATURE = Certified Real Estate Appraiser Turmoil Under Rebuttal Episode
FFLOP = Forum for Licensed Objective Professionals
FNMA = Florida National Mortgage Association (inside joke)
FOLO = Freaked Out Loan Officer (some times misspelled, by switching the L with the last O)
FROG = Finished Room Over Garage
FU = Functional Utility
For New Appraisers – – IMHO = In my humble opinion
For Used Appraisers – – IMNSHO = In my not so humble opinion
Language used by the client – – RUSH = Really Unusual Sh*tty House
Language used by the client – – SUPER RUSH = A particular value needs to be reached
MC Addendum = Market Confusion Addendum
TROUSE = (Trailer house with stick-built addition)
Enjoy – – I know there are several others.. but it is late.
See you around the water cooler!