Answers
Sep 15, 2016 - 07:07 AM
The Uniform Standards of Professional Appraisal Practice (USPAP) do not address the activities of licensed real estate salespersons or brokers; therefore, you would need to check with the applicable state agency that issued your broker's license for any specific requirements when acting as a broker.
With respect to your obligations as an appraiser under USPAP, there is no specified time frame regarding your involvement with a property that you've sold or listed for sale. Instead, the Conduct section of the ETHICS RULE in USPAP requires an appraiser to disclose any current or prospective interest the appraiser has with respect to the property being appraised, or to the parties of the transaction. Lines 246-248 in the 2016-17 edition of USPAP state:
With respect to your obligations as an appraiser under USPAP, there is no specified time frame regarding your involvement with a property that you've sold or listed for sale. Instead, the Conduct section of the ETHICS RULE in USPAP requires an appraiser to disclose any current or prospective interest the appraiser has with respect to the property being appraised, or to the parties of the transaction. Lines 246-248 in the 2016-17 edition of USPAP state:
If known prior to accepting an assignment, and/or if discovered at any time during the assignment, an appraiser must disclose to the client, and in each subsequent report certification, any current or prospective interest in the subject property or parties involved.
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