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| Client Feedback and the Role of the
Appraiser Author: Marvin L. Wolverton and Paul Gallimore Start Page: 415 Abstract: Appraisers routinely
work at solving ill-structured valuation problems where the normative performance
criterion is an objective judgement of market value as of the valuation date. This study,
theoretically grounded in the lens model of perceptual theory, investigates the effect of
client feedback on appraisers’ perceptions of their role in the loan underwriting
process. It investigates the extent of cognitive departure from the normative role toward
perception of being a validator of pending sale prices. An instrument is devised to
measure environmental perception feedback, coercive feedback and positive reinforcement of
the normative performance criterion. Client feedback is found to have a significant effect
on appraisers’ role perceptions and on appraisers’ perceptions of the of the
lender-client’s performance criterion. Appraisers who receive a great deal of
environmental perception feedback and coercive feedback are more likely to view themselves
as price validators, whereas appraisers exposed to positive reinforcement of the normative
performance criterion are more likely view themselves as providers of objective opinions
of market value. |
