Tag: appraiser

The Appraiser-Client Relationship and Confidentiality

Posted on by Dave Maloney

The Appraiser-Client Relationship and Confidentiality

(by David Maloney) There exists a special relationship  between the  appraiser and the client, and the appraiser is obligated to protect the confidential nature of that relationship. Specifically, the appraiser must  reveal neither the 1) results of an assignment nor 2) any confidential information other  than as permitted by the ETHICS RULE.

According to the  ETHICS RULE, confidential factual data obtained from the client and the results of an appraisal may be disclosed only to:

  • The client and anyone specifically authorized by the client, e.g., an insurance company, or, in the case of a divorce, to the client’s attorney,
  • Third parties authorized by due process of law, e.g., pretrial discovery, depositions, court testimony by the appraiser, or
  • A duly authorized appraisal society’s peer review committee

As noted, an appraiser must  respect the confidential nature of information obtained during the appraisal  process. USPAP defines confidential information as:

information that is either: identified by the client as confidential when  providing it to an appraiser and that is not available from any other source;  or classified as confidential or private by applicable law or regulation. (USPAP)

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Using Retainers

Posted on by Dave Maloney

Using Retainers

(by David Maloney) It is not an uncommon practice for appraisers to request a retainer in some assignments. If you do not know the client well or if the client does not have a good payment history, you should require a retainer. In addition, it is common to request a retainer when the assignment involves legal matters—particularly in cases involving battling parties.

An appraisal assignment retainer is a sum of money a client gives the appraiser as an advance for appraisal services that the appraiser has agreed to perform for the client. The retainer might also include advance payment for anticipated expenses associated with the appraisal assignment such as for the appraiser arranging for an authentication service or for retaining the services of expert appraisers to assist with the assignment.

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The Appraiser as an Expert Witness: Conference with Counsel

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The Appraiser as an Expert Witness: Conference with Counsel 

(by Steven Babitsky, Esq. and James J. Mangraviti, Jr., Esq.) Prior to being deposed, the expert should insist on a conference with counsel. Counsel may, in an attempt to save time and money, advise the expert that no such conference is necessary and that he will come a “few minutes early” to the deposition to talk things over. While this may be expedient for counsel, it will almost always result in inadequate preparation for the expert. This type of last-minute review is a recipe for disaster and experts should refuse to participate in it. Experts need time to organize their files and their thoughts. Wise experts insist on a separate appointment with counsel, days – not hours or minutes – prior to the date of deposition. 

To ensure proper preparation by retaining counsel, the expert should do the following: 

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