legal? unethical?

Question

A friend of mine is a broker. He wants to become an appraiser licensed and then lender licensed. This seems unethical to me is it legal for one person to be all those things? Doesnt it take away a level of fairness in judgement? Am I too goody two shoes for the modern real estate world?

Matt Devincenzo · Answer

I think the checks and balance will come in with the institutions he would be dealing with. Obviously if he finds a property and ties and it up when he goes to secure financing the lender will probably have issue with him being the appraiser giving a valuation, and that is where the disclosure becomes important.

My daughters mom and I are doing some custody stuff using the same family law attorney right now, no issue there it's well known by all involved, and we know if things were to go south we'd both have to get new attorneys, but we're not fighting just trying to establish everything together for our daughter. Kinda the same situation could it be bad yes, but with disclosures and understanding by the other parties beforehand not a problem at all.

J Scott · Answer

As Chris said, it really depends on the situation.  If he discloses his role to all parties involved, and they are okay with it, there's no issue.

Chris Weiler · Answer

Emily, I’m not sure about the legality, but when in doubt ..disclose, disclose, disclose….

I think it really depends on the situation. Is he purchasing for himself or others?

Emily Dixon · Answer

It surprises me. It seems like it is so wrong. Thanks guys you made me feel better .  Its actually my boss and just want to ensure everything legal because that is my weakness is real estate law. I am just a project manager but dont want to work for someone doing something wrong.

Emily Dixon · Answer

Himself and others mostly family and friends. I am old to development and construction but very new to real estate sales it just seems wrong to me but I know its a different kind of industry.

legal? unethical?

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