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Did you mislead your client today? How? Why? You say, “Of course not! That would be unethical!” And you’d be right. To mislead your client, intentionally or unintentionally, would be highly unethical and a major USPAP violation. But, again, did you mislead your client today? You may have done just that. You’re wondering how, right? You’re wondering how using data right out of MLS could be misleading. That answer is in the podcast, so please listen. (SPOILER ALERT! In the report you have open on your computer right now, did you merely state the subject’s neighborhood boundaries, or did you also explain how and why you determined those boundaries? Did you explain why they are important? How do those boundaries affect the subject’s exposure time? Or its marketability? How about its market value? If all you did was state them, not explain how and why you chose them, then this podcast is for you!)
So, did you mislead your client today? If you did, that certainly was not your intent! But, good intentions pave the road to hell, right? So, your intentions do not count (at least from a USPAP standpoint). What counts is an appraisal that is credible, accurate, reliable, and reproducible. Thanks for listening!