But in order to best protect the confidential nature of the appraiser-client relationship, most appraisers consider as confidential information the identity of the client, the property being appraised, the results of the appraisal assignment, and any information declared by the client as being confidential.
Do appraisals have to be disclosed?
A: An appraisal is generally considered a professional opinion of the market value of a property, not a fact. Although it’s both legally and ethically necessary to disclose a material fact, the same requirement doesn’t apply to an opinion.
Are sellers allowed to see the appraisal?
The seller often does not generally get a copy of the appraisal, but they can request one. The CRES Risk Management legal advice team noted that an appraisal is material to a transaction and like a property inspection report for a purchase, it needs to be provided to the seller, whether or not the sale closes.
Who owns the home appraisal report?
The mortgage company owns the appraisal even though the borrower paid for it. This is because the mortgage company orders the appraisal on the borrower’s behalf, and the Appraiser lists that mortgage company on the report.
How are home appraisals considered to be confidential?
An appraiser must act in good faith with regard to the legitimate interests of the client in the use confidential information and in the communication of assignment results. An appraiser must be aware of, and comply with, all confidentiality and privacy laws and regulations applicable in an assignment.
What does confidentiality mean for an appraiser coach?
“ [c]onfidential information [is] information that is either…identified by the client as confidential when providing it to an appraiser and that is not available from any other source; or…classified as confidential or private by applicable law or regulation” (ibid; emphasis added). Notice confidentiality flows to the client, not to any other party.
Can a real estate appraiser take another assignment?
The requirement that was added to USPAP in 2010 goes on to state that in the event the client requested the very fact that the appraiser performed the appraisal be kept confidential, the appraiser cannot take another assignment involving that property for three years.
Is the appraiser responsible for an appraisal report?
True, the client may harvest that data. However, once the appraisal report leaves your hands, you have no control over it, thus are not responsible for it. In addition, since the client is not an appraiser, USPAP does not apply to the client.
