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Cruickshank, Garth & Romano
Richard Romano, a principal of a small real estate appraisal firm, faced an interesting ethical dilemma. A client had just stated that if the firm did not increase its appraised value of the client's commercial property by $4.5 million (15%), he would take his business elsewhere. Potentially, the client had a large volume of business which the young appraisal firm could certainly use. Richard must consider the firm's economic health in both the short and long terms, his personal values, and the ethical guidelines of the Appraisal Institute of Canada in making this decision.