Yes, and no (kinda wordy) - Posted by Randy
Posted by Randy on October 09, 1998 at 20:30:43:
There is no specific disclosure rule for appraisers as investors, sellers, or buyers as far as I know.
There is a stack of rules that apply to appraisers and their reports though. An appraiser must be licensed or certified when the lender is dealing with any Federal money or the traditional secondary market (Fannie Mae). This all started with Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA). The act was a fallout from the savings and loan bailout.
It’s always a good idea to hire a licensed or certified when you deal with appraisers. Also, look for professional affiliations your appraiser may have. Both government regulatory agencies and private professional groups help keep everyone in line.
The main body of rules that apply to appraisers is called the Uniform Standards of Professional Appraisal Practice. Under USPAP, an appraiser must disclose any past, present, or future interest in the subject property that he/she may have, had or will have. (whew, take a breath…) The subject property, about which the appraisal is being written, not a property that an appraiser is buying or selling. An appraiser is also obligated to be impartial when rendering an opinion or not do the appraisal.
As far as the MLS goes, in my area anyone can join the MLS. Just come up with the required cash. Ask about affiliate or associate membership.
When I get wordy, It’s kinda like telling a person how to build a clock when all they wanted to know was the time!
Randy (yes, I’m an Appraiser)