Honesty and Integrity: Price Appraisals & Realty, LLC
We think of our job as a profession. The rigors of becoming a licensed appraiser have increased more than ever before. So it goes without question these days that real estate appraisal can unquestionably be dubbed a profession rather than a trade. As with any profession we must follow strict ethical considerations.
We have many obligations as appraisers but above everything we answer to our clients. More often than not, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers are privy to a lot of information, and like an attorney can only discuss many matters with their client. As a homeowner, if you would like to obtain a copy of an appraisal report, you should request it from your lender. Other responsibilities also include, numerical accuracy depending on the assignment's nature, reaching and maintaining a certain level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Price Appraisals & Realty, LLC, we take these ethical responsibilities very seriously.
Price Appraisals & Realty, LLC has worked hard for its reputation for performing competent and ethically superior appraisals. Contact us today to learn more.
There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, such as homeowners, both sellers and buyers, or others. Typically the third parties are specifically defined in the appraisal report. An appraiser's fiduciary roll is limited to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the job.
There are also ethical duties that have nothing to do with whom we share information. For example, appraisers must backup their work files for at least five years - something else Price Appraisals & Realty, LLC makes a part of their standard routine.
We meet or beat the industry standards and mandates set in place for professional behavior. We refuse to accept anything less from ourselves. Doing orders on contingency fees is never an option. That is, we can't agree to do an appraisal report and collect payment on the contingency of the loan closing. We can't do assignments on percentage fees. That is perhaps the appraisal industries most important rule, because it would invite fraudulent practices since increasing the estimate of the home would up the fee. We set ourselves to a higher standard. Other unethical practices may be established 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," in addition to other situations We 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.
As soon as you engage Price Appraisals & Realty, 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.