For honest and ethical appraisals, rely on Residential Appraisal Service, LLC
Appraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have become more difficult than ever in the past. So it goes without question these days that real estate appraisal can unquestionably be dubbed a profession as opposed to a trade. In our field, as with any profession, we are bound by ethical considerations.
We have a great deal of obligations as appraisers but first and foremost we answer to our clients. Most of the time, in residential practice, 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 a copy of an appraisal report, you should obtain it from your lender. Other obligations also include, accurate sums appropriate to the scope of the assignment, acquiring and keeping a particular 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 Residential Appraisal Service, LLC.
Residential Appraisal Service, LLC has worked hard for its track record for producing competent and ethically superior appraisals. Contact us today to learn more.
In some cases appraisers will have fiduciary responsibilities to third parties, including homeowners, both buyers and sellers, or others. Those third parties normally are spelled out in the appraisal assignment itself. 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 written parameters of the order.
There are also ethical rules that have nothing to do with whom we share information. For example, appraisers must keep their work files for a minimum of five years - at Residential Appraisal Service, LLC you can rest assured that we abide by that rule.
We require the highest professional integrity possible from ourselves. Working on orders that contingency fees is never an option. That is, we don't agree to do an appraisal report and get paid 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 fraudulent practices since increasing the value of the home would up the fee. We don't do that. 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 states a violation in ethics 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 rest easy knowing we are doing everything we can to objectively determine the home or property value.
As soon as you engage Residential Appraisal Service, LLC we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.