Appraisal Development Inc upholds the highest professional ethics
Appraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have increased more than ever before. So it goes without question in this day and age that real estate appraisal can definitely be considered a profession as opposed to a trade. As with any profession we must follow strict ethical considerations.
We have a great deal of responsibilities as appraisers but our main duty is to our clients. Normally, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers have rules and regulations they must follow, including confidentiality for their clients a homeowner, if you want to review an appraisal report, you should get it through your lender. Other responsibilities also include, numerical accuracy depending on the scope of the assignment, reaching and keeping a respectable level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Appraisal Development Inc, we take these ethical responsibilities very to heart.
Appraisal Development Inc has worked hard for its track record for providing 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, both sellers and buyers, or others. Normally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary responsibility is only to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the job.
Appraisers also have rules outside of boundaries of clients and others. For example, appraisers must be able to produce their work files for a minimum of five years - at Appraisal Development Inc you can rest assured that we abide by that rule.
When creating reports, we follow the highest ethical standards possible. Doing orders on contingency fees is not something we can consider That is, we are not able to 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 most important rule, because it would invite appraisal fraud since raising the estimate of the home would increase the their paycheck. We set ourselves to a higher standard. Other unprofessional practices may be established 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," in addition to other situations We diligently 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 engage Appraisal Development 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.