Poll: How Do Appraisers Wear Multiple Hats?

[Bobby Bucks]

Those are pretty!

That appears to be a snowy egress.

 

[KYLECODY]

Its easy to separate the two. Both make you better at the other..

 

[TC]

I've been approached by sales agents who want to open a property management company and need a broker of record. It takes three years to be able to sit for the exam and they must have made it tougher, not many agents seem to become brokers anymore.

 

[Overimprovement]

I voted minor, but only in certain instances, like a small, fairly closed market where one cannot perform one function without it having an impact on the other. One example is the broker who appraises a property in a purchase transaction that one or both of the agents involved is under that broker. There are several appraisers in one of my markets who also are brokers, and I have seen examples of this more than once.

While that certainly does not automatically imply any bias, it could certainly be construed as such by the public, and I also find it hard to see how one's fiduciary duties to all parties involved can be perfectly kept. How can one say as an appraiser that they have no financial interest in a property or a transaction when in fact they do as the broker on the same property?

For those who have been in this situation (I have not, never been a broker), am I missing something?

 

[KYLECODY]

I voted minor, but only in certain instances, like a small, fairly closed market where one cannot perform one function without it having an impact on the other. One example is the broker who appraises a property in a purchase transaction that one or both of the agents involved is under that broker. There are several appraisers in one of my markets who also are brokers, and I have seen examples of this more than once.

While that certainly does not automatically imply any bias, it could certainly be construed as such by the public, and I also find it hard to see how one's fiduciary duties to all parties involved can be perfectly kept. How can one say as an appraiser that they have no financial interest in a property or a transaction when in fact they do as the broker on the same property?

For those who have been in this situation (I have not, never been a broker), am I missing something?

Now that is a complete conflict of interest and a major issue. I can't believe they would actually do that. I'm sure there are laws addressing that in your state. The broker should turn down all appraisal assignments involving his agents or that affect his money..Big Trouble.. Common sense and ethics shut that straight down..There is no gray area.