Appraisal Institute Designated members, Candidates for Designation, and Practicing Affiliates: To download this recording for free, visit the Engagement Letters Webinar page. (login required)
This product is a recording of the Appraisal Institute webinar that was conducted on November 20, 2018.
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Please note: The interactive features of the webinar (e.g. poll/survey questions and the final evaluation) are NOT available in the recording. Appraisal Institute continuing education credit is NOT available for viewing the recording.
Date: November 20, 2018
Duration: 2 hours
Although neither the Uniform Standards of Professional Appraisal Practice nor the Appraisal Institute Code of Professional Ethics requires the use of written engagement agreements, using a written agreement to set out the details of an assignment is a sound business practice.
In 2018, the Appraisal Institute updated its sample appraisal engagement materials for non-litigation work to serve as a resource for appraisers drafting their own engagement agreements. Having been updated to incorporate key lessons from the last real estate downturn and changes in standards, the sample engagement materials::
Help appraisers portray an increased level of professionalism.
Create more enforceable payment options.
Provide leverage to appraisers in negotiating better terms of engagement.
Introduce several key provisions that most appraisers do not have in their present agreements.
Help appraisers reduce risk by including new provisions based on the latest caselaw concerning appraiser liability.
Paula K. Konikoff, JD, MAI, AI-GRS, Chair, AI Professional Standards and Guidance Committee.
Peter Christensen, General Counsel, LIA Administrators and Insurance Services.
Moderator: Bill Garber, Director of Government and External Relations, Appraisal Institute