For honest and ethical appraisals, count on Appraisal House, Inc.
Typically, appraising a long term career. Requirements to become a licensed appraiser have increased more than ever before. So it goes without question in this day and age that real estate appraisal can certainly be considered a profession rather than a trade. In our field, as with any profession, we must follow strict ethical considerations.
We have a great deal of responsibilities as appraisers but first and foremost we answer to our clients. Most of the time, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have certain duties of privacy to their clients, and as a homeowner, if you want to review the appraisal document, you should get it from your lender. Other responsibilities also include, accurate calculations appropriate to the parameters of the report, reaching and keeping a certain 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 seriously.
Appraisal House, Inc. has an established reputation for providing competent and ethically superior appraisals. Contact us today to learn more.
Appraisers can regularly have fiduciary responsibilities to third parties, such as homeowners, sellers and buyers, or others. Those third parties normally are defined in scope of the appraisal assignment itself. An appraiser's fiduciary roll is only to those third parties who the appraiser knows, based on the scope of work or other written parameters of the job.
There are also ethical rules that have nothing to do with clients and others. For example, appraisers must backup their work files for at least five years - something else Appraisal House, Inc. takes very seriously.
We meet or beat the industry standards and rules set in place for professional behavior. We refuse to accept anything less from ourselves. We don't do assignments on contingency fees. That is, we can'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 probably the appraisal professions most important rule, because it would invite fraudulent practices since raising the estimate of the home would increase the fee. We don't do that. Other improper practices may be defined by state law or professional organizations to which an appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also states 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 diligently follow these rules to the letter which means you can rest easy knowing we are working hard to objectively determine the home or property value.
As soon as you request an appraisal from Appraisal House, 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.