For honest and ethical appraisals, rely on First Appraisal Services
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 these days that real estate appraisal can unquestionably be called a profession rather than a trade. In our field, as with any profession, we are bound by ethical considerations.
As appraisers our chief obligation is to his or her client. More often than not, for a normal residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers are privy to a lot of information, and like an attorney can only discuss many matters with their client. As a homeowner, if you want to review an appraisal report, you normally have to request it through your lender. Other obligations also include, accurate calculations appropriate to the parameters of the assignment, reaching and keeping an adequate level of competency and education, and of course, the appraiser must behave in a professional manner. Here at First Appraisal Services, we take these ethical responsibilities very seriously.
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Appraisers can also have fiduciary obligations to third parties, including homeowners, both buyers and sellers, or others. Typically the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary duty is only to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the job.
There are also ethical standards that have nothing to do with whom we share information. For example, appraisers must be able to produce their work files for at least five years - at First Appraisal Services you can rest assured that we abide by that rule.
We only perform to the highest ethical standards possible. Working on orders that contingency fees is not something we can consider That is, we are not able to agree to do an appraisal report and collect payment on the contingency of the loan closing. Another practice that's restricted is doing assignments on percentage fees. That is perhaps the appraisal industries most important rule, because it would invite fraudulent practices since increasing the value of the home would raise the fee. We set ourselves to a higher standard. Other improper practices may be established by state law or professional organizations that the appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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 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.
With First Appraisal Services, you can be assured of 100 percent ethical, honest service.