Documents evidence of a loss of independence in the commercial appraisal industry in the USA. Utilizes a survey methodology to elicit the reactions of commercial appraisers to controlled scenarios of client pressure. This methodology was borrowed from established behavioural research that tested independent auditors for related independence agency issues. Results indicate significant valuation effects related to the amount of business a client brings to the appraisal firm, but no significant effect related to the size of the client‐requested value adjustment, or to the interaction of the amount of client business and the size of the requested value adjustment. Suggests that changes in fee structures and institutional reforms may be necessary to resolve the loss of independence.

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Literature review and backgroundProperty contamination, stigma and the ability to obtain financing: the US experience Since the mid-1980s, there has been increasing recognition in the USA that real property with on-site contamination is difficult to finance. This avoidance behaviour by institutional lenders has been documented, primarily through questionnaire and opinion survey research (