Objectiveness is a key principle for real estate appraisals. The appraiser should be objective and neutral in evaluating a property. This helps ensure that the property is valued accurately and fairly, without being influenced or influenced in any way by anyone. A close relationship between an appraiser and the property owner/buyer could cause them to lose their objectiveness.
The independence principle is also important. The appraiser cannot have any financial interests in either the property to be appraised, or in any transaction. This ensures the impartiality of the appraiser and protects them from any potential financial gain. An appraiser shouldn’t be part of a joint venture or partnership with the buyer or property owner, because this could compromise their independence.