Honesty and Integrity: Appraisal Advantage, Inc.
Typically, appraising a long term career. Requirements to become a licensed appraiser have increased more than ever in the past. So it goes without question these days that real estate appraisal can definitely be considered a profession as opposed to a trade. As with any profession we are bound by an ethical code.
For an appraiser the chief responsibility is to his or her client. Normally, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers are privy to a lot of data, and like an attorney can only discuss many matters with their client. As a homeowner, if you require to review the appraisal document, you should get it through your lender. Other responsibilities also include, accurate figures appropriate to the nature of the report, reaching and sustaining an adequate level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Appraisal Advantage, Inc., we take these ethical responsibilities very seriously.
Appraisal Advantage, Inc. has worked hard for its reputation for completing appraisals with the highest of ethics. Contact us today to learn more.
Appraisers will sometimes be obligated to consider the interests of 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 duty is only to those parties who the appraiser knows, based on the scope of work or other written parameters of the job.
There are also ethical duties that have nothing to do with whom we share information. For example, appraisers must store their work files for a minimum of five years - at Appraisal Advantage, Inc. you can rest assured that we stick to that rule.
We demand the highest ethical standards possible from ourselves. Working on orders that contingency fees is never an option. That is, we can't agree to do an appraisal report and collect the fee only if the loan closes. We don't do assignments on percentage fees. That is probably the appraisal industries biggest taboo, because it would invite appraisal fraud since raising the value of the home would increase the fee. We don't do that. Other unethical practices may be established by state law or professional societies to which an 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," as well as other situations. We follow these rules to the letter which means you can be assured we are working hard to provide an unbiased determination of the home or property value.
When you engage Appraisal Advantage, Inc. we'll make sure you're getting the professional service you expect along with the an ethical approach with appraisals that we're known for.