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  #1  
Old 10-01-2007, 02:08 PM
davidpsmith davidpsmith is offline
 
Join Date: Jul 2004
Location: Houston, Texas
State: Texas
Professional Status: Certified Residential Appraiser
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Default Gift offers by competitors for assignments

Quick question, I was under the impression that any financial inducement or gift in return for appraisal assignments was unethical/illegal. I have a competitor offering $25 Gift certificates to Best Buy for every appraisal ordered in October. If it is illegal I assume I should report this to The State Appraisal Board?
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Old 10-01-2007, 02:25 PM
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Mr Rex Mr Rex is offline
 
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Not illegal. See Management section of USPAP. It must be revealed in the report. Wanna bet he's not doing that?
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  #3  
Old 10-01-2007, 02:27 PM
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Beth Stevens Beth Stevens is offline
 
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Location: Washington State
State: Washington
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Read the Ethics Rule in USPAP in the "Management" section.
"The payment of undisclosed fees, commissions, or things of value in connection with the procurement of an assignment is unethical."

The comment that follows also states, at the bottom, "Competency, rather than financial incentives, should be the primary basis for awarding an assignment."

I think most States would be interested in hearing about this business practice, but I would make sure that you directly refer them to this section of USPAP.

Best of luck
Beth
  #4  
Old 10-01-2007, 02:38 PM
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AppraizinAZ AppraizinAZ is offline
 
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I'm sure we'll see a lot more of this in these lean times...
  #5  
Old 10-01-2007, 03:50 PM
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3 Putt 3 Putt is offline
 
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State: Ohio
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Did they raise their normal fee by the $25 or are they eating the cost?

Where do I order one? As soon as I get the gift card, I'll just cancel!
  #6  
Old 10-01-2007, 03:59 PM
Alison Swain Alison Swain is offline
 
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Location: Orlando
State: Florida
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Quote:
Originally Posted by Todd Rose View Post
Did they raise their normal fee by the $25 or are they eating the cost?

Where do I order one? As soon as I get the gift card, I'll just cancel!
I'm pretty sure the gift cards are delivered after the assignments are completed and paid for.

I don't see anything wrong with it as long as it's disclosed.
  #7  
Old 10-01-2007, 04:09 PM
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Mike Garrett, RAA Mike Garrett, RAA is offline
 
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Not illegal or unethical provided it is disclosed. Read the management provision of the Ethics Rule. Now it might be that your state could have some language in the license law that could prohibit such practice...but I doubt it.

In today's market I think I might pay $50 for full fee appraisals! Nah, just got three new assignments today...all full fee.

Thank you, thank you, thank you. September was sort of a bust, slowest month order wise in last 15 years; however, I did have 5 full days in the class room teaching which really helped.
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  #8  
Old 10-02-2007, 12:20 PM
Mike Boyd Mike Boyd is offline
 
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Location: Santa Rosa, CA
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These last two weeks have been my best this year. Maybe a coincidence or maybe the loan officers have decided to come out of the shade and go to work. However, this has always been the best time of the year for me in this business.
  #9  
Old 10-03-2007, 11:36 PM
Restrain Restrain is offline
 
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As to legal/illegal. Not USPAP. Check state regs. There is, in Texas, an absolute prohibition against such things. Now, it happens, but if caught, can cost you a license.
  #10  
Old 10-04-2007, 12:36 AM
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Midwest Guy Midwest Guy is offline
 
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State: Missouri
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Default Respa!

Ever heard of RESPA?

Quote:
Originally Posted by Mr Rex View Post
Not illegal. See Management section of USPAP. It must be revealed in the report. Wanna bet he's not doing that?
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