Honesty and Integrity: Residential Appraisal Service, LLC
Appraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have become more difficult than ever before. So it goes without question in this day and age that real estate appraisal can definitely be called a profession rather than a trade. As with any profession we are bound by an ethical code.
We have a great deal of obligations as appraisers but our primary duty is to our clients. Most of the time, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers are required to only disclosing information to their clients, and as a homeowner, if you desire a copy of an appraisal report, you generally have to get it from your lender. Other responsibilities also include, accurate sums appropriate to the scope of the assignment, attaining and sustaining a certain 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 providing appraisals with the highest of ethics. Contact us today to learn more.
There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, including homeowners, both buyers and sellers, or others. Those third parties normally are listed in the appraisal assignment itself. An appraiser's fiduciary responsibility is only to those parties who the appraiser knows, based on the scope of work or other things in the framework of the job.
There are also ethical standards that have nothing to do with whom we share information. For example, appraisers must keep their work files for at least five years - at Residential Appraisal Service, LLC you can rest assured that we stick to that rule.
Residential Appraisal Service, LLC holds itself to the industry standards and mandates set in place for professional behavior. We can't accept anything less from ourselves. We have a responsibility not to do assignments on contingency fees. That is, we don't agree to do an appraisal report and get paid only if the loan closes. We can't do assignments on percentage fees. That is probably the appraisal professions most important rule, because it would invite appraisal fraud since raising the estimate of the home would inflate the their paycheck. We set ourselves to a higher standard. Other unethical practices may be defined by state law or professional organizations to which an appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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 diligently follow these rules to the letter which means you can be assured we are going above and beyond to objectively determine the home or property value.
With Residential Appraisal Service, LLC, you won't have any doubts that you're getting 100 percent ethical, professional service.