For honest and ethical appraisals, rely on The Appraisal Service
By and large, appraising a long term career. The rigors of becoming a licensed appraiser have become more difficult than ever in the past. So it goes without question these days that real estate appraisal can certainly be called a profession rather than a trade. In our field, as with any profession, we must follow strict ethical considerations.
For an appraiser the chief obligation is to their client. Normally, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you want to review an appraisal report, you should get it through your lender. Other responsibilities also include, accurate sums appropriate to the scope of the report, acquiring and keeping a respectable level of competency and education, and the appraiser must conduct him or herself as a professional. Here at The Appraisal Service, we take these ethical responsibilities very seriously.
The Appraisal Service has worked hard for its track record for producing competent and ethically superior appraisals. To learn more Contact us
Appraisers can sometimes have fiduciary obligations to third parties, including homeowners, buyers and sellers, or others. Generally the third parties are specifically defined in the appraisal report. An appraiser's fiduciary duty is only to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the order.
Appraisers also have duties outside of boundaries of clients and others. For example, appraisers must store their work files for a minimum of five years - something else The Appraisal Service diligently adheres to.
When creating reports, we follow the highest ethical standards possible. We have a responsibility not to do assignments on contingency fees. That is, we can't agree to do an appraisal report and collect the fee only if the loan closes. We can't do assignments on percentage fees. That is perhaps the appraisal industries most important rule, because it would invite fraudulent practices since raising the value of the home would inflate the their paycheck. We set ourselves to a higher standard. Other unprofessional practices may be established by state law or professional organizations 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 diligently follow these rules to the letter which means you can be confident we are working hard to objectively determine 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.