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