In a Banker & Tradesman article earlier this summer, mortgage brokers and appraisers complained about new rules that were forcing consumers to pay more for property appraisals and also hurting local appraisers’ business and the fees they charge.
Some Realtors and homebuyers and sellers have shared nightmare stories about appraisers who aren’t familiar with a local market performing appraisals that fall short of the agreed-upon sales price.
Well, today the Appraisal Institute, a group representing professional real estate appraisers throughout the world, took a swipe at appraisers who take assignments in geographic locations that they’re not knowledgeable about.
The group condemned the practice as a violation of professional standards.
“The Appraisal Institute expects and demands its members to strictly adhere to its Code of Professional Ethics,” Appraisal Institute President Jim Amorin said in a press release. “We will take disciplinary action against any member who violates our organization’s geographic competency ethics requirement. Non-member appraisers should strive to achieve the same level of ethical behavior.”
Source: Banker & Tradesman