Q. How can I obtain a copy of my appraisal report?

A. This is one of the most common questions we
receive. The answer depends on whether the person asking is the client. The client is not necessarily the individual who paid for the appraisal. If you are seeking a copy, but are not the client, you should contact the individual who ordered the appraisal for a copy. In many cases this is the lender.

 

Q. What is the difference between an appraisal
and a CMA?

A. The short answer is that an appraisal is an
independent, impartial and objective opinion of value developed by a professional real estate appraiser, and includes significantly greater detail and analysis of the subject and market. A CMA is performed by a licensed real estate salesperson or broker, typically for listing and marketing purposes.

Transferring or Readdressing Appraisals
Many in the lending industry have been asking to have appraisals transferred or readdress to another party. Based on ADVISORY OPINION 26 of the UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE (USPAP), the rules that govern the appraisal industry. USPAP requires an appraiser to identify the intended use and intended users in an appraisal assignment. Transferring or Readdressing an appraisal can not be done without establishing a new client relationship with the second party. Altering a report in a manner that conceals the original client or intended users in the assignment is misleading and violates the Conduct section of the ETHICS RULE.


For example, an appraiser performs an appraisal and delivers the report to his client. The appraisers client then asks the appraiser to readdress this appraisal to a specific federally insured depository institution. The client knows that the appraiser is on that institutions approved appraiser list. The appraiser knows, when
the original assignment is offered, that the client intends to request a loan from that institution after the original appraisal is completed. Accommodating the clients request to readdress the appraisal report in this example violates the ETHICS RULE. Indeed,
even if the appraiser did not know the clients
original intent, altering such a report in a manner
to conceal the original client or intended users
violates the ETHICS RULE.