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New Faqs From Asb - Appraising A Property For Two Clients At Same Time - Disclosure Required

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hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
Interesting that we just had this conversation in a thread not too long ago (prior disclosure, simultaneous or near-simultaneous assignments on the same property).

My advice then doesn't change with the new FAQ. I'd disclose a prior service in each assignment and cite that while one may have been chronologically received/accepted prior to the other, they were both so close in time, that the best option is to disclose in both assignments that a prior service condition exists as it might be argued that either one was the "first" by either client. By alerting both clients prior to completion and disclosing a prior service in each of the reports, the full intent of the USPAP is achieved; transparency in the reports and providing the option to the clients to consider if they wants to proceed with the assignment or not, given the circumstances.
 
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DWiley

Elite Member
Joined
Apr 4, 2007
Professional Status
Certified Residential Appraiser
State
Tennessee
Interesting that we just had this conversation in a thread not too long ago (prior disclosure, simultaneous or near-simultaneous assignments on the same property).

My advice then doesn't change with the new FAQ. I'd disclose a prior service in each assignment and cite that while one may have been chronologically received/accepted prior to the other, they were both so close in time, that the best option is to disclose in both assignments that a prior service condition exists as it might be argued that either one was the "first" by either client. By doing alerting both clients prior to completion and disclosing a prior service in each of the reports, the full intent of the USPAP is achieved; transparency in the reports and providing the option to the clients to consider if they wants to proceed with the assignment or not, given the circumstances.
I would also disclose to both. USPAP is the minimum :)
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
In that scenario, I recommend disclosure at the time the second potential client contacts the Appraiser giving client 2 the option of placing the order with another Appraiser OR placing the second order with the same Appraiser with knowledge about the first assignment on the same property (i.e.IMO, full disclosure in a second completed appraisal is too late).
 
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