Honesty and Integrity: Premier Appraisal of SoCal
Appraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have increased more than ever in the past. That's why it goes without question these days that real estate appraisal can certainly be dubbed a profession rather than a trade. In our field, as with any profession, we have a strict ethical code.
We have quite a few obligations as appraisers but our chief duty is to our clients. 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 desire to review an appraisal report, you generally have to request it from your lender. Other responsibilities also include, accurate calculations appropriate to the parameters of the report, reaching and sustaining a certain level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Premier Appraisal of SoCal, we take these ethical responsibilities very to heart.
Premier Appraisal of SoCal has worked hard for its reputation for completing appraisals with the highest of ethics. To learn more Contact us
In some cases appraisers will have fiduciary responsibilities to third parties, such as homeowners, buyers and sellers, or others. Those third parties normally are listed in the appraisal assignment itself. An appraiser's fiduciary duty is restricted to those parties who the appraiser is aware of, 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 backup their work files for at least five years - something else Premier Appraisal of SoCal diligently adheres to.
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. We can't do assignments on percentage fees. That is perhaps the appraisal industries biggest no-no, because it would invite appraisal fraud since raising the value of the home would inflate the fee. We don't do that. Other unethical practices may be established by state law or professional organizations to which an appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also states a violation in ethics 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," in addition to other situations We follow these rules to the letter which means you can be assured we are doing everything we can to provide an unbiased determination of the home or property value.
As soon as you request an appraisal from 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.