Honesty and Integrity: Residential Appraisal Service, LLC
We think of our job as a profession. Requirements to become a licensed appraiser have increased more than ever before. That's why it goes without question these days that real estate appraisal can definitely be dubbed a profession rather than a trade. As with any profession we are bound by an ethical code.
We have a lot of responsibilities as appraisers but first and foremost we answer to our clients. Most of the time, for a typical 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 want to review an appraisal report, you normally have to get it through your lender. Other obligations also include, accurate sums appropriate to the nature of the report, attaining and keeping an appropriate level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Residential Appraisal Service, LLC, we take these ethical responsibilities very seriously.
Residential Appraisal Service, LLC has an established reputation for performing competent and ethically superior appraisals. To learn more Contact us
Appraisers may frequently have fiduciary obligations to third parties, such as homeowners, sellers and buyers, 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 is aware of, based on the scope of work or other things in the framework of the order.
There are also ethical standards that have nothing to do with clients and others. For example, appraisers must store their work files for a minimum of five years - at Residential Appraisal Service, LLC you can rest assured that we stick to that rule.
When busy with an appraisal, we follow the highest ethical standards possible. We have a responsibility not to do assignments on contingency fees. That is, we can't agree to do an appraisal report and collect the fee only if the loan closes. We can't do assignments on percentage fees. That is perhaps the appraisal industries most important rule, because it would invite fraudulent practices since raising the value of the home would up the fee. We don't do that. 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 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 be confident 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, honest service.