Disclosure As An Appraiser

[Frank M. Lagani]

I am a trainee and I will be selling a piece of investment property I have.

I would like to know if there is any law or regulation that states I must disclose that I am an appraiser.

I just don't want to be in violation of any rules or regulations.

I am the owner of the property & live in N.J.

Tia
Frank

 

[Terrel L. Shields]

Check with your state appraisal laws. There is no prohibition in my state to my knowledge against selling or buying as an appraiser although you pretty much cannot appraise your own property impartially. It would be unethical to ask the appraisal (if one is required) be done by the person training you or other peer you deal with.

If you hold RE sales license, there are generally regulations dealing with handling the sale.

If fact, if selling or buying, I would not like to disclose to anyone that I was an appraiser. They may attempt to deal with you in a different manner, making assumptions about what you know or do not know.

 

[Richard Carlsen]

I'll bet the only regulation you have in New Jersey, now that you have power back, is that if you are a licensed real estate broker or sales person who owns the property, you must disclose that fact to the buyer. It is or must be done in the P.A.

As far as disclosing you are an appraiser; I don't think so. You are free to overprice your own property without disclosing it to anybody.

Good luck.