Q Appraisals maintains the utmost professional ethics
Generally, appraising is a long term career. The rigors of becoming a licensed appraiser have become more difficult than ever in the past. So it goes without question in this day and age that real estate appraisal can be called a profession as opposed to a trade. In our field, as with any profession, we must follow strict ethical considerations.
As an appraiser my chief obligation is to the client. Most of the time, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers have rules and regulations they must follow, including keeping many matters private for their clients. As a homeowner, if you want to review an appraisal report, you normally have to request it from your lender. Other responsibilities also include numerical accuracy depending on the assignment's nature, acquiring and keeping an adequate level of competency and education, and conducting him or herself as a professional. Here at Q Appraisals, I take these ethical responsibilities very seriously.
Q Appraisals has an established track record for producing competent and ethically superior appraisals. To learn more Contact us
In some cases appraisers will have fiduciary responsibilities to third parties, such as homeowners, both sellers and buyers, or others. Those third parties normally are listed in scope of the appraisal assignment itself. An appraiser's fiduciary roll is limited to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the assignment.
There are also ethical rules that have nothing to do with clients and others. For example, appraisers must be able to produce their work files for a minimum of five years - at Q Appraisals you can rest assured that I adhere to that rule.
While busy with an assignment, I follow the highest ethical standards possible. Working on orders with contingency fees is not something I can consider. That is, I don't agree to do an appraisal report and collect payment on the contingency of the loan closing. Another practice that's restricted is doing assignments on percentage fees. That is probably the appraisal profession's biggest taboo, because it would tend to make appraisers increase the value of homes or properties to increase their fee. Other unprofessional practices may be established by state law or professional societies to which an 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," in addition to other situations. I follow these rules to the letter which means you can be at ease knowing I am doing everything I can to provide an unbiased determination of the home or property value.
As soon as you order an appraisal from Q Appraisals I'll make sure you're getting the professional service you expect along with an ethical approach.