Honesty and Integrity: American Real Estate Appraisal
We consider our our business a profession. Requirements to become a licensed appraiser have increased more than ever in the past. That's why 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 have a strict ethical code.
For an appraiser the main responsibility is to his or her client. Typically, for a normal residential appraisal, 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 require to review an appraisal report, you should get it through your lender. Other obligations also include, numerical accuracy depending on the scope of the assignment, reaching and keeping a respectable level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics and client confidentiality is standard operating procedure for us at American Real Estate Appraisal.
American Real Estate Appraisal has an established reputation for completing appraisals with the highest of ethics. Contact us today to learn more.
Appraisers will frequently need to consider the interests of third parties, including homeowners, both sellers and buyers, or others. Generally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary duty is limited to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the assignment.
There are also ethical standards that have nothing to do with clients and others. For example, appraisers must be able to produce their work files for at least five years - something else American Real Estate Appraisal diligently adheres to.
We require the highest ethical standards possible from ourselves. We don't do assignments on contingency fees. That is, we are not able to agree to do an appraisal report and collect payment on the contingency of the loan closing. We can't do assignments on percentage fees. That is probably the appraisal professions biggest taboo, because it would tend to make appraisers increase the value of homes or properties to increase their fee. We set ourselves to a higher standard. Other improper practices may be defined by state law or professional societies to which an appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also states unethical behavior as accepting 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 be at ease knowing we are doing everything we can to objectively determine the home or property value.
As soon as you order an appraisal from American Real Estate Appraisal we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.