The Appraisal Service upholds the utmost professional ethics
Appraising is, by and large, a long term career. Requirements to become a licensed appraiser have become more difficult than ever in the past. That's why it goes without question in this day and age that real estate appraisal can certainly be called a profession as opposed to a trade. As with any profession we are bound by an ethical code.
We have many obligations as appraisers but first and foremost we answer to our clients. Normally, for a normal residential appraisal, the appraiser's client is the lender ordering the appraisal. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you want to obtain a copy of an appraisal report, you normally have to obtain it from your lender. Other obligations also include, accurate figures appropriate to the scope of the report, acquiring and keeping an appropriate level of competency and education, and of course, the appraiser must behave in a professional manner. Here at The Appraisal Service, we take these ethical responsibilities very seriously.
The Appraisal Service has worked hard for its track record for performing competent and ethically superior appraisals. Contact us today to learn more.
Appraisers may also have fiduciary responsibilities to third parties, including homeowners, both buyers and sellers, or others. Generally the third parties are clearly defined in the appraisal report. An appraiser's fiduciary roll is limited to those parties who the appraiser knows, based on the scope of work or other things in the framework of the job.
There are also ethical rules that have nothing to do with whom we share information. For example, appraisers must backup their work files for a minimum of five years - at The Appraisal Service you can rest assured that we abide by that rule.
When creating reports, we follow the highest ethical standards possible. Working on assignments that contingency fees is never an option. That is, we are not able to agree to do an appraisal report and collect payment on the contingency of the loan closing. Another practice that's restricted is doing assignments on percentage fees. That is probably the appraisal industries most important rule, because it would tend to make appraisers up the value of homes or properties to increase their paycheck. We don't do that. Other unethical practices may be defined by state law or professional societies that the appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also states unethical behavior as the acceptance of an assignment that is contingent on "the reporting of a pre-determined result (e.g., opinion of value)," "a direction in assignment results that favors the cause of the client," "the amount of a value opinion," as well as other situations. We follow these rules to the letter which means you can be at ease knowing we are doing everything we can to provide an unbiased determination of the home or property value.
When you engage The Appraisal Service we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.