Question:

Is it ethical for an appraiser to pay a fee to be included on a lender’s “approved appraiser” list?

Response:

Yes. It is ethical for appraisers to pay a fee to be included on a lender’s approved appraiser list provided the appraiser discloses payment of a fee in his or her appraisal reports. The Management section of the ETHICS RULE states that:

The payment of undisclosed fees, commissions, or things of value in connection with the procurement of an assignment is unethical.

The Comment further states that:

Disclosure of fees, commissions, or things of value connected to the procurement of an assignment must appear in the certification and in any transmittal letter in which conclusions are stated.