What can a licensed broker do if they want to appraise a property they are selling?

A licensed broker who wishes to appraise a property they are selling should adhere to recognized appraisal practices. This is crucial because appraisals must meet specific guidelines and standards to be considered valid and credible. By following these established practices, the broker ensures that the appraisal is unbiased, objective, and compliant with industry regulations, which protects both the broker's integrity and the interests of the clients involved in the transaction.

In many instances, appraisals are governed by the Uniform Standards of Professional Appraisal Practice (USPAP), which outline ethical and performance standards for appraisers. Adhering to these practices not only assures all parties of the quality and legitimacy of the appraisal but also aids in maintaining a fair market value for the property. This adherence is important in preventing conflicts of interest and promoting transparency in real estate transactions.

While hiring another licensed appraiser is a practical approach, the option specifically highlights the importance of conducting the appraisal personally while upholding professional standards, which is a responsibility of any broker involved in property sales.