For honest and ethical appraisals, rely on Appraisal Works
We think of what we do as a profession. The rigors of becoming a licensed appraiser have become more difficult than ever in the past. So it goes without question in this day and age that real estate appraisal can certainly be considered a profession as opposed to a trade. As with any profession we are bound by ethical considerations.
The appraiser's main responsibility is to his or her client. Typically, for a standard residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have rules and regulations they must follow, including keeping many matters private for their clients a homeowner, if you desire to obtain a copy of the appraisal document, you should request it through your lender. Other obligations also include, numerical accuracy depending on the scope of the assignment, reaching and sustaining an appropriate level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics is is what we do everyday at Appraisal Works.
Appraisal Works has worked hard for its reputation for completing appraisals with the highest of ethics. To learn more Contact us
In some cases appraisers will have fiduciary responsibilities to third parties, including homeowners, buyers and sellers, or others. Those third parties normally are listed in the appraisal assignment itself. An appraiser's fiduciary duty is limited to those third parties who the appraiser is aware of, based on the scope of work or other written parameters of the order.
There are also ethical duties that have nothing to do with clients and others. For example, appraisers must be able to produce their work files for at least five years - something else Appraisal Works diligently adheres to.
When creating reports, we follow the highest ethical standards possible. Working on assignments that contingency fees is never an option. That is, we don'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 tend to make appraisers inflate the value of homes or properties to increase their fee. We don't do that. Other unethical practices may be established by state law or professional societies that the appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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," "the amount of a value opinion," in addition to other situations We diligently follow these rules to the letter which means you can be assured we are working hard to objectively determine the home or property value.
When you order an appraisal from Appraisal Works we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.