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The appraiser as a trusted advisor: Rebuilding public trust
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Appraisers pride themselves on being the independent real estate professionals that clients can trust to provide accurate and insightful market value information and a sound basis for risk analysis and business decision making. The Uniform Standards of Professional Appraisal Practice (USPAP) states that “the purpose of the USPAP is to promote and maintain a high level of public trust in appraisal practice.” Trust in this context is a confident expectation on the clients’ part that they can rely on the integrity and the ability of appraisers to provide meaningful, accurate valuations on a consistent basis. Unfortunately, the global meltdown has brought many changes to the world of residential appraisals, including a significant shift in the way clients view the appraisal industry. Despite the hard work of many appraisers, the large number of defective appraisals identified in recent years has taken its toll on the level of trust clients have for appraisers. Trust is earned slowly, shattered in seconds, and winning it back is no easy feat.
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