Premier Appraisal of SoCal upholds the utmost professional ethics
We consider our our business a profession. Requirements to become a licensed appraiser have increased more than ever in the past. So it goes without question these days that real estate appraisal can certainly be considered a profession rather than a trade. As with any profession we are bound by an ethical code.
We have a great deal of obligations as appraisers but our primary duty is to our clients. Normally, in residential practice, the appraiser's client is the lender ordering the appraisal. 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 want to obtain a copy of an appraisal report, you generally have to get it from your lender. Other responsibilities also include, accurate sums appropriate to the scope of the assignment, acquiring and keeping an adequate level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics and client confidentiality is standard operating procedure for us at Premier Appraisal of SoCal.
Premier Appraisal of SoCal has an established reputation for completing competent and ethically superior appraisals. To learn more Contact us
There are some scenarios in which appraisers will have fiduciary responsibilities 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 duty is limited to those third parties who the appraiser knows, based on the scope of work or other written parameters of the assignment.
Appraisers also have duties outside of boundaries of with whom we share information For example, appraisers must store their work files for at least five years - at Premier Appraisal of SoCal you can rest assured that we abide by that rule.
When creating reports, we follow the highest ethical standards possible. Doing assignments on contingency fees is not something we can consider That is, we don't agree to do an appraisal report and collect the fee only if the loan closes. Another practice that's restricted is doing assignments on percentage fees. That is probably the appraisal industries most important rule, because it would tend to make appraisers up the value of homes or properties to increase their fee. 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," in addition to other situations We follow these rules to the letter which means you can rest easy knowing we are doing everything we can to objectively determine the home or property value.
As soon as you engage Premier Appraisal of SoCal 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.