Warren Appraisals upholds the highest professional ethics
We consider our our business a profession. The rigors of becoming a licensed appraiser have become more difficult than ever in the past. So it goes without question these days that real estate appraisal can definitely be dubbed a profession rather than a trade. As with any profession we are bound by an ethical code.
We have quite a few responsibilities as appraisers but first and foremost we answer to our clients. Typically, for a normal residential appraisal, 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 desire to review an appraisal report, you should obtain it through your lender. Other responsibilities also include, numerical accuracy depending on the scope of the assignment, acquiring and sustaining a respectable level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Warren Appraisals, we take these ethical responsibilities very to heart.
Warren Appraisals has an established reputation for performing competent and ethically superior appraisals. Contact us today to learn more.
Appraisers can frequently have fiduciary responsibilities to third parties, such as homeowners, buyers and sellers, or others. Typically the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary duty is limited to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the assignment.
There are also ethical standards that have nothing to do with whom we share information. For example, appraisers must store their work files for a minimum of five years - something else Warren Appraisals makes a part of their standard routine.
We require the highest professional integrity possible from ourselves. Working on assignments that contingency fees is never an option. That is, we are not able to 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 professions biggest no-no, because it would tend to make appraisers up the value of homes or properties to increase their fee. We set ourselves to a higher standard. Other unethical practices may be defined by state law or professional societies to which an 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," in addition to other situations We diligently follow these rules to the letter which means you can be at ease knowing we are working hard to objectively determine the home or property value.
As soon as you engage Warren Appraisals we'll make sure you're getting the professional service you expect along with the an ethical approach with appraisals that we're known for.