Economic Appraisers Inc maintains the highest professional ethics
We consider our our job a profession. The rigors of becoming a licensed appraiser have become more difficult than ever before. So it goes without question in this day and age that real estate appraisal can unquestionably be dubbed a profession as opposed to a trade. In our field, as with any profession, we must follow strict ethical considerations.
An appraiser's primary responsibility is to their client. Normally, for a standard residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. 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 desire to review an appraisal report, you should get it through your lender. Other responsibilities also include, accurate sums appropriate to the nature of the report, attaining and sustaining a certain level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Economic Appraisers Inc, we take these ethical responsibilities very to heart.
Economic Appraisers Inc has an established track record for providing competent and ethically superior appraisals. Contact us today to learn more.
Appraisers may often have fiduciary obligations to third parties, including homeowners, buyers and sellers, or others. Those third parties normally are listed in scope of the appraisal assignment itself. An appraiser's fiduciary roll is restricted to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the job.
Appraisers also have duties outside of boundaries of clients and others. For example, appraisers must store their work files for a minimum of five years - something else Economic Appraisers Inc takes very seriously.
We demand the highest ethical standards possible from ourselves. We have a responsibility not to do assignments on contingency fees. That is, we are not able to 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 probably the appraisal professions biggest taboo, because it would invite fraudulent practices since increasing the value of the home would up the their paycheck. We set ourselves to a higher standard. 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 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," as well as other situations. We diligently follow these rules to the letter which means you can be confident we are doing everything we can to provide an unbiased determination of the home or property value.
As soon as you engage Economic Appraisers Inc 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.