For honest and ethical appraisals, count on Performance Appraisals Inc.
Appraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have increased more than ever before. That's why it goes without question these days that real estate appraisal can unquestionably be considered a profession as opposed to a trade. In our field, as with any profession, we must follow strict ethical considerations.
An appraiser's main obligation is to his or her client. Typically, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you require to review the appraisal document, you should request it from your lender. Other obligations also include, accurate figures appropriate to the scope of the report, acquiring and maintaining a certain level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Performance Appraisals Inc., we take these ethical responsibilities very seriously.
Performance Appraisals Inc. has an established reputation for completing appraisals with the highest of ethics. Contact us today to learn more.
Appraisers may also have fiduciary responsibilities to third parties, such as homeowners, both buyers and sellers, or others. Generally the third parties are specifically defined in the appraisal report. An appraiser's fiduciary roll is restricted to those parties who the appraiser knows, based on the scope of work or other things in the framework of the job.
There are also ethical duties that have nothing to do with clients and others. For example, appraisers must keep their work files for a minimum of five years - at Performance Appraisals Inc. you can rest assured that we stick to that rule.
We meet or beat the industry standards and mandates set in place for ethics. We refuse to accept anything less from ourselves. Doing orders on contingency fees is not something we can consider That is, we can't agree to do an appraisal report and collect payment on the contingency of the loan closing. We don't do assignments on percentage fees. That is perhaps the appraisal professions most important rule, because it would tend to make appraisers increase the value of homes or properties to increase their paycheck. We set ourselves to a higher standard. Other improper practices may be established by state law or professional societies that the 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," as well as other situations. We follow these rules to the letter which means you can rest easy knowing we are going above and beyond to objectively determine the home or property value.
As soon as you engage Performance Appraisals Inc. we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.