Honesty and Integrity: Appraisal Associates
Appraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have become more difficult than ever before. That's why it goes without question these days that real estate appraisal can unquestionably be called a profession rather than a trade. In our field, as with any profession, we must follow strict ethical considerations.
As appraisers our main responsibility is to their client. Typically, in residential practice, 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 require to review the appraisal document, you normally have to get it through your lender. Other responsibilities also include, accurate figures appropriate to the scope of the report, attaining and maintaining a particular level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics and client confidentiality is standard operating procedure for us at Appraisal Associates.
Appraisal Associates has worked hard for its track record for completing appraisals with the highest of ethics. Contact us today to learn more.
In some cases appraisers will have fiduciary responsibilities to third parties, such as homeowners, buyers and sellers, or others. Those third parties normally are listed in the appraisal assignment itself. An appraiser's fiduciary roll is limited to those third parties who the appraiser knows, based on the scope of work or other written parameters of the assignment.
Appraisers also have standards outside of boundaries of with whom we share information For example, appraisers must backup their work files for a minimum of five years - something else Appraisal Associates makes a part of their standard routine.
Appraisal Associates holds itself to the industry standards and rules set in place for professional behavior. We won't accept anything less from ourselves. Doing assignments on 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. We can't do assignments on percentage fees. That is perhaps the appraisal industries most important rule, because it would invite fraudulent practices since increasing the estimate of the home would up the their paycheck. We set ourselves to a higher standard. Other improper practices may be defined by state law or professional societies to which an 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," in addition to other situations We diligently follow these rules to the letter which means you can be confident we are working hard to provide an unbiased determination of the home or property value.
When you engage Appraisal Associates we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.