Quality Appraisals maintains the highest professional ethics
We think of our business as a profession. Requirements to become a licensed appraiser have become more difficult than ever before. So it goes without question these days that real estate appraisal can certainly be considered a profession rather than a trade. As with any profession we are bound by an ethical code.
For an appraiser the primary obligation is to his or her client. Most of the time, for a typical residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers have certain duties of confidentiality to their clients, and as a homeowner, if you desire to obtain a copy of an appraisal report, you generally have to get it through your lender. Other obligations also include, numerical accuracy depending on the scope of the assignment, acquiring and keeping an adequate level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Quality Appraisals, we take these ethical responsibilities very seriously.
Quality Appraisals has worked hard for its reputation for producing appraisals with the highest of ethics. To learn more Contact us
There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, including homeowners, both sellers and buyers, or others. Normally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary roll is restricted to those third parties who the appraiser is aware of, based on the scope of work or other things in the framework of the assignment.
There are also ethical rules that have nothing to do with clients and others. For example, appraisers must backup their work files for a minimum of five years - something else Quality Appraisals takes very seriously.
We demand the highest ethical standards possible from ourselves. We have a responsibility not to 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 industries biggest taboo, because it would invite fraudulent practices since increasing the estimate of the home would up the fee. We set ourselves to a higher standard. Other unprofessional practices may be established by state law or professional organizations that the 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 diligently follow these rules to the letter which means you can be at ease knowing we are going above and beyond to objectively determine the home or property value.
When you engage Quality Appraisals 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.