Appraisers Can Help Themselves Mitigate Liability Risk, New Book Says

CHICAGO (Aug. 29, 2019) –Appraisers who take on a variety of valuation assignments can manage the risks associated with their work by taking realistic, effective steps, according to a new book published by the Appraisal Institute.

“Risk Management for Real Estate Appraisers and Appraisal Firms,” by Peter T. Christensen, Esq., with contributing author Claudia L. Gaglione, Esq.,provides practitioners with suggestions for managing the risks associated with valuation assignments. The book also will help appraisers assess their liability and take steps to lessen their risk and protect their appraisal practices. 

“Facing a lawsuit is a scenario that many appraisers would prefer not to think about, but it is a reality of the valuation profession,” Appraisal Institute President Stephen S. Wagner, MAI, SRA, AI-GRS, wrote in the book’s foreword. “Fortunately, this book can help appraisers address their fears and feel confidentthat they are doing all they can to lessen their risk and protect their appraisal practices.”

“Risk Management for Real Estate Appraisers and Appraisal Firms,”presents information based on published court opinions and actual professional liability insurance claims. Itexamines why appraisers get sued, the elements of the most common claims, and the appraiser’s best tools for reducing liability risk. Unique issues relating to specific areas of appraisal work are covered – including residential and commercial lending, appraisal review, expert witness and arbitration services. Strategies for mitigating risks relating to the operation of appraisal firms also are discussed.

“Risk Management for Real Estate Appraisers and Appraisal Firms” is a 230-page soft cover book. It is available for $60 ($50 for Appraisal Institute professionals). Print (stock number: 0820M) and PDF versions (stock number: 0820MPD) are available, as is a print and PDF package (stock number: 0821M). Call 888-756-4624 or order online.

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The Appraisal Institute is a global professional association of real estate appraisers, with nearly 18,000 professionals in almost 50 countries throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Individuals of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA, SRA, AI-GRS and AI-RRS designations. Learn more at www.appraisalinstitute.org.

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