Honesty and Integrity: Advantage 1 Appraisals
By and large, appraising a long term career. The rigors of becoming a licensed appraiser have increased more than ever in the past. That's why it goes without question these days that real estate appraisal can definitely be called a profession rather than a trade. In our field, as with any profession, we have a strict ethical code.
We have quite a few responsibilities as appraisers but first and foremost we answer to our clients. Typically, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers are privy to a lot of data, and like an attorney can only discuss many matters with their client. As a homeowner, if you would like to review the appraisal document, you should get it through your lender. Other responsibilities also include, numerical accuracy depending on the assignment parameters, acquiring and maintaining an adequate level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Advantage 1 Appraisals, we take these ethical responsibilities very to heart.
Advantage 1 Appraisals has an established track record for producing competent and ethically superior appraisals. Contact us today to learn more.
In some cases appraisers will have fiduciary responsibilities to third parties, such as homeowners, sellers and buyers, or others. Those third parties normally are spelled out in scope of the appraisal assignment itself. An appraiser's fiduciary duty is limited 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 keep their work files for at least five years - at Advantage 1 Appraisals you can rest assured that we abide by that rule.
Advantage 1 Appraisals holds itself to the industry standards and mandates set in place for professional behavior. We can't accept anything less from ourselves. Doing assignments on contingency fees is not something we can consider 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 industries most important rule, because it would tend to make appraisers inflate the value of homes or properties to increase their paycheck. We set ourselves to a higher standard. Other unethical practices may be defined by state law or professional organizations that the appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also defines unethical behavior as the acceptance 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 at ease knowing we are doing everything we can to objectively determine the home or property value.
With Advantage 1 Appraisals, you can be assured of 100 percent ethical, professional service.