For honest and ethical appraisals, count on Price Appraisals & Realty, LLC
We think of what we do as a profession. Requirements to become a licensed appraiser have become more difficult than ever before. So it goes without question these days that real estate appraisal can definitely be dubbed a profession as opposed to a trade. In our field, as with any profession, we must follow strict ethical considerations.
As appraisers our main obligation is to their client. Typically, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers have rules and regulations they must follow, including keeping many matters private for their clients a homeowner, if you want to review an appraisal report, you generally have to request it from your lender. Other obligations also include, numerical accuracy depending on the scope of the assignment, reaching and sustaining a particular level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Price Appraisals & Realty, LLC, we take these ethical responsibilities very to heart.
Price Appraisals & Realty, LLC has an established reputation for producing competent and ethically superior appraisals. To learn more Contact us
Appraisers can also have fiduciary obligations to third parties, including homeowners, buyers and sellers, or others. Those third parties normally are defined in scope of the appraisal assignment itself. An appraiser's fiduciary roll is restricted 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 duties that have nothing to do with clients and others. For example, appraisers must store their work files for at least five years - something else Price Appraisals & Realty, LLC takes very seriously.
While working on an assignment, we follow the highest ethical standards possible. Working on assignments 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 don't do assignments on percentage fees. That is probably the appraisal professions biggest no-no, because it would tend to make appraisers inflate the value of homes or properties to increase their paycheck. We don't do that. Other unprofessional practices may be defined by state law or professional organizations that the appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also states 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 going above and beyond to objectively determine the home or property value.
With Price Appraisals & Realty, LLC, you won't have any doubts that you're getting 100 percent ethical, professional service.