For honest and ethical appraisals, rely on Appraisal Options, Inc.
Generally, appraising a long term career. Requirements to become a licensed appraiser have become more difficult than ever in the past. That's why it goes without question in this day and age that real estate appraisal can definitely be dubbed a profession rather than a trade. As with any profession we have a strict ethical code.
We have a great deal of responsibilities as appraisers but our chief duty is to our clients. Normally, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers are required to only disclosing information to their clients, and as a homeowner, if you desire a copy of the appraisal document, you normally have to obtain it from your lender. Other responsibilities also include, numerical accuracy depending on the assignment's nature, attaining and sustaining a respectable level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Appraisal Options, Inc., we take these ethical responsibilities very seriously.
Appraisal Options, Inc. has an established reputation for performing competent and ethically superior appraisals. Contact us today to learn more.
Appraisers may regularly have fiduciary responsibilities to third parties, including homeowners, both buyers and sellers, or others. Those third parties normally are defined in scope of the appraisal assignment itself. An appraiser's fiduciary roll is restricted to those third parties who the appraiser knows, based on the scope of work or other written parameters of the order.
There are also ethical rules that have nothing to do with whom we share information. For example, appraisers must be able to produce their work files for a minimum of five years - something else Appraisal Options, Inc. diligently adheres to.
Appraisal Options, Inc. holds itself to the industry standards and mandates set in place for ethics. We can'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 the fee only if the loan closes. We can't do assignments on percentage fees. That is perhaps the appraisal professions most important rule, because it would invite fraudulent practices since raising the value of the home would raise the their paycheck. We don't do that. Other improper 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 at ease knowing we are going above and beyond to provide an unbiased determination of the home or property value.
As soon as you request an appraisal from Appraisal Options, Inc. we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.