Advanced Appraisal Services upholds the highest professional ethics
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 in this day and age that real estate appraisal can unquestionably be dubbed a profession as opposed to a trade. As with any profession we have a strict ethical code.
We have quite a few obligations as appraisers but our chief duty is to our clients. Normally, for a normal residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers have certain duties of privacy to their clients, and as a homeowner, if you require to obtain a copy of an appraisal report, you normally have to get it from your lender. Other responsibilities also include, numerical accuracy depending on the assignment parameters, acquiring and keeping an appropriate level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Advanced Appraisal Services, we take these ethical responsibilities very to heart.
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Appraisers will frequently need to consider the interests of third parties, including homeowners, both sellers and buyers, or others. Those third parties normally are listed in the appraisal assignment itself. An appraiser's fiduciary roll is restricted to those parties who the appraiser knows, based on the scope of work or other things in the framework of the assignment.
Appraisers also have standards outside of boundaries of clients and others. For example, appraisers must keep their work files for a minimum of five years - something else Advanced Appraisal Services diligently adheres to.
We meet or beat the industry standards and mandates set in place for ethics. We refuse to accept anything less from ourselves. Working on orders that contingency fees is never an option. That is, we can'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 perhaps the appraisal industries biggest taboo, because it would tend to make appraisers raise the value of homes or properties to increase their paycheck. We don't do that. Other unprofessional practices may be established by state law or professional organizations to which an 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 doing everything we can to provide an unbiased determination of the home or property value.
As soon as you order an appraisal from Advanced Appraisal Services we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.