It is possible to be simultaneously licensed and practicing as a real estate appraiser while also being a licensed and practicing real estate agent. For those of you who are working in both professions or for those who are looking at the possibility, there are a couple potential conflicts of interest that you should be wary of.
First of all, there needs to be a clear line between when you are acting as an appraiser and when you are acting as an agent. They cannot overlap at all. Obviously, there would be a clear conflict of interest if you were ever to appraise a home that was your listing or that you had any type of personal interest in. Make sure you are clear on when you are wearing your agent hat and when you are wearing your appraiser hat.
There could also be a potential conflict of interest if you were to appraise a listing by an agent in your office. You may want to steer clear from this situation entirely which can be more easily accomplished by working for a smaller agency. However, if you decide to appraise a property that has been listed by a fellow agent in your office, make sure you disclose everything. Make sure you disclose to your client, the other agent, and also officially in your report. Make sure you have the green light from both parties before you proceed. You can never be too careful with these things.
While there is not always one right answer when it comes to some grey areas that may arise as you work in both professions. It is important to always trust your gut and disclose any relationships or potential conflicts of interest. How a situation appears to others is also important because even though you may not feel something is immoral, a judge may see it differently. No amount of money is worth doing something that is questionable and could possibly cause you to lose your either of your licenses.