Associate Appraisers of America maintains the highest professional ethics
Appraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have become more difficult than ever before. That's why it goes without question in this day and age that real estate appraisal can definitely be called a profession as opposed to a trade. As with any profession we are bound by ethical considerations.
We have a lot of obligations as appraisers but our primary duty is to our clients. Typically, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have certain duties of privacy to their clients, and as a homeowner, if you would like a copy of the appraisal document, you generally have to obtain it from your lender. Other obligations also include, accurate figures appropriate to the parameters of the report, acquiring and sustaining a certain level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Associate Appraisers of America, we take these ethical responsibilities very to heart.
Associate Appraisers of America has an established track record 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, including homeowners, buyers and sellers, or others. Generally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary duty is limited to those third parties who the appraiser is aware of, based on the scope of work or other written parameters of the assignment.
There are also ethical duties that have nothing to do with whom we share information. For example, appraisers must keep their work files for at least five years - at Associate Appraisers of America you can rest assured that we abide by that rule.
We demand the highest professional integrity possible from ourselves. Doing orders on contingency fees is never an option. 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 probably the appraisal industries biggest taboo, because it would invite fraudulent practices since increasing the value of the home would inflate the their paycheck. 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 defines unethical behavior 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," "the amount of a value opinion," as well as other situations. We follow these rules to the letter which means you can be at ease knowing we are going above and beyond to objectively determine the home or property value.
As soon as you order an appraisal from Associate Appraisers of America we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.