Thing of Value
Pay for an assignment?
“Never. It’ll never happen!”
It happens all of the time. While most appraisers would never dream of violating the Management portion of the Ethics Rule by paying for work…many do it every day without giving it any thought.
Management: An appraiser must disclose that he or she paid a fee or commission, or gave a thing of value in connection with the procurement of an assignment.
Comment: The disclosure must appear in the certification and in any transmittal letter in which conclusions are stated; however, disclosure of the amount paid is not required. In groups or organizations engaged in appraisal practice, intra-company payments to employees for business development do not require disclosure.
USPAP doesn’t qualify any dollar amount, does it?
It merely addresses a thing of value. When portals, clients, and AMCs charge you $5, $10 or even less just to process your report…you must report that fact in your certification and in any transmittal letter.
The test on whether you must report this is whether the portal, client, or AMC will permit you to upload your report without paying for the transaction.
If the answer is NO, then it means that you’re giving a thing of value in connection to procuring the assignment.
Failure to disclose this leaves you open to discipline.
That’s the department and the board’s disclosure to you.
Illinois Appraiser Newsletters – Volume 4, Issue 3