Appraisals Plus upholds the utmost professional ethicsAppraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have become more difficult than ever in the past. That's why it goes without question in this day and age that real estate appraisal can unquestionably be called a profession rather than a trade. In our field, as with any profession, we are bound by ethical considerations.
An appraiser's primary responsibility is to their client.
Most of the time, in residential practice, the appraiser's client is the lender ordering the appraisal, and often the appraisal is ordered by a third party the lender has contracted in order to maintain independence.
Appraisers are typically limited to only disclosing their findings to their clients, so as
a homeowner, if you would like to review the appraisal document, you generally have to get it via your lender instead of the appraiser.
Appraisers can sometimes have fiduciary obligations to third parties, such as homeowners, both buyers and sellers, or others. Normally the third parties are clearly defined in the appraisal report. An appraiser's fiduciary role is limited to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the order.
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 Appraisals Plus diligently adheres to.
When working on an appraisal, we follow the highest ethical standards possible. Accepting orders where our fee is dependent on our value conclusion is not something we can consider. In other words, we are not able to agree to do an appraisal report and base our pay upon coming up with a particular value conclusion. It should be obvious that inflating a value to achieve a higher paycheck is unethical!
Finally, the Uniform Standards of Professional Appraisal Practice explicitly describes a violation in ethics 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", or "the amount of a value opinion" as well as other situations. We diligently follow these rules to the letter which means you can be assured we are going above and beyond to get you an accurate home or property value.
When you engage Appraisals Plus , we'll make sure you're getting the professional service you expect along with the high ethical standards we're known for.