Honesty and Integrity: Premier Appraisal of SoCal
Generally, appraising a long term career. The rigors of becoming 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 rather than a trade. In our field, as with any profession, we must follow strict ethical considerations.
For an appraiser the primary responsibility is to their client. Typically, in residential practice, the appraiser's client is the lender ordering the appraisal. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you would like to review an appraisal report, you should obtain it from your lender. Other responsibilities also include, accurate calculations appropriate to the parameters of the report, attaining and sustaining an adequate level of competency and education, and the appraiser must conduct him or herself as a professional. Maintaining high ethics and client confidentiality is just normal course of business for us at Premier Appraisal of SoCal.
Premier Appraisal of SoCal has worked hard for its reputation for producing appraisals with the highest of ethics. To learn more Contact us
There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, such as homeowners, both sellers and buyers, or others. Normally the third parties are specifically defined in the appraisal report. An appraiser's fiduciary duty is only to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the assignment.
There are also ethical duties that have nothing to do with clients and others. For example, appraisers must keep their work files for at least five years - at Premier Appraisal of SoCal you can rest assured that we stick to that rule.
We demand the highest ethical standards 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 the fee 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 invite fraudulent practices since raising the estimate of the home would inflate the their paycheck. We don't do that. Other unprofessional practices may be defined by state law or professional societies that the appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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 rest easy knowing we are doing everything we can to provide an unbiased determination of the home or property value.
When you engage Premier Appraisal of SoCal we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.