Honesty and Integrity: Appraisal House, Inc.
We consider our our business a profession. The rigors of becoming 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 definitely be called a profession rather than a trade. In our field, as with any profession, we are bound by ethical considerations.
We have many obligations as appraisers but our chief duty is to our clients. Typically, for a regular 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 require to review an appraisal report, you should get it from your lender. Other obligations also include, accurate sums appropriate to the scope of the report, acquiring and maintaining an appropriate level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Appraisal House, Inc., we take these ethical responsibilities very to heart.
Appraisal House, Inc. has worked hard for its reputation for completing competent and ethically superior appraisals. Contact us today to learn more.
Appraisers may often have fiduciary responsibilities to third parties, such as homeowners, both buyers and sellers, or others. Typically the third parties are clearly defined in the appraisal report. An appraiser's fiduciary responsibility is limited to those parties who the appraiser knows, based on the scope of work or other written parameters of the job.
Appraisers also have standards outside of boundaries of clients and others. For example, appraisers must be able to produce their work files for at least five years - at Appraisal House, Inc. you can rest assured that we abide by that rule.
We require the highest professional integrity possible from ourselves. We never do assignments on contingency fees. That is, we don't agree to do an appraisal report and collect payment on the contingency of the loan closing. We don'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 up the fee. We don't do that. Other unethical practices may be defined by state law or professional societies that the appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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 follow these rules to the letter which means you can be assured we are going above and beyond to provide an unbiased determination of the home or property value.
When you engage Appraisal House, 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.