Business ProfileforDrexel Appraisals Corporation

On August 4, 2023, the business entered into a Consent Order with the Minnesota Department of Commerce. The Consent Order settles allegations that the business created an appraisal report(s) that was misleading to consumers, a violation of USPAP Standard Rule (SR) 1-1(a), 2-1(a) (2020) and Minn. Stat. 82B.20 subd. 2(6)(13) (2022); failed to provide an analysis of their best use determination, a violation of USPAP SR 1-3 (b), 2-2 (a)(xiii) (2020) and Minn. Stat. 82B.20, subd. 2 (13) (2022); failed to provide credible appraisal report because of a series of errors, a violation of USPAP SR 1-1(c), 1-3(a)(i) (2020) and Minn. Stat. 82B.20, subd. 2(6)(13) (2022); failed to support their method of developing sales value adjustments, a violation of USPAP Scope of Work rule, SR 1-1(a),1-2(h), 1-4(a), 2-2(a)(x)(5) (2020) and Minn. Stat. 82B.195, subd. 3(1)(vi)(viii) and 82B.20 subd. 2(7)(13) (2022) and the work file for appraisals did not include the same documents provided to clients and did not include data and documents to support the conclusions, a violation of  USPAP Record Keeping Rule (2020) and Minn. Stat. 82B.071 subd. 2 (2022).     

Under terms of the Consent Order, the business agreed to pay $3,000.00 of a $4,000.00 penalty, with the balance stayed on the condition they do not have any future violations of any law, rule or order under Minn. Dept. of Commerce authority; complete 4 courses  from the Appraisal Foundation and a 3 credit course approved by Minn. Commerce within 180 days; pay investigative costs of $675.00 and not violate Minn. Statute Chapters 45 and 82B.  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.