Honesty and Integrity: Real Estate AppraisalsWe consider our job as a profession. Requirements to become a licensed appraiser have become more difficult than ever before. So it goes without question in this day and age that real estate appraisal can certainly be considered a profession rather than a trade. As with any profession we must follow strict ethical considerations.
The appraiser's primary responsibility is to their client.
Typically, for a normal residential appraisal, the appraiser's client is the lender ordering the appraisal, and often the appraisal is ordered by a third party the lender has contracted in order to maintain independence.
It's important to know that a lot of details relating to an assignment are to be shared exclusively with the appraiser's client. As
a homeowner, if you want a copy of an appraisal report, you normally should get it via your lender.
Appraisers may also have fiduciary obligations to third parties, including homeowners, both sellers and buyers, or others. Those third parties normally are defined in the appraisal assignment itself. An appraiser's fiduciary responsibility is restricted to those third parties who the appraiser is aware of, based on the scope of work or other written parameters of the job.
Appraisers also have rules outside of boundaries of clients and others. For example, appraisers must keep their work files for at least five years - something else Real Estate Appraisals makes a part of their standard routine.
We meet or exceed the industry standards and rules set in place for ethics. We refuse to accept anything less from ourselves. Working on assignments where our fee is dependent on our value conclusion is never an option. That means we don't agree to do an appraisal report and base our pay upon coming up with a particular value conclusion. There's a definite conflict of interest if an appraiser can report a greater value with the reward of getting paid more money!
Finally, the Uniform Standards of Professional Appraisal Practice (or simply "USPAP") explicitly states a violation in ethics 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", or "the amount of a value opinion" as well as other situations. We follow these rules to the letter which means you can be assured we are going above and beyond to get you an accurate home or property value.
With Real Estate Appraisals, you can be assured of 100 percent ethical, professional service.