Bonded Real Estate Appraisal Service, LLC upholds the highest professional ethicsWe think of what we do as a profession. Requirements to become a licensed appraiser have increased more than ever in the past. So it goes without question in this day and age that real estate appraisal can unquestionably be called a profession as opposed to a trade. As with any profession we have a strict ethical code.
An appraiser's primary obligation is to their client.
Typically, for a standard residential appraisal, the lender (or an agent of 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 of these matters with their client. As
a homeowner, if you desire a copy of an appraisal report, you normally should request it through your lender.
Appraisers may sometimes have fiduciary responsibilities to third parties, such as homeowners, sellers and buyers, or others. Those third parties normally are defined in the appraisal assignment itself. An appraiser's fiduciary duty is limited to those parties who the appraiser knows, based on the scope of work or other written parameters of the assignment.
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 - something else Bonded Real Estate Appraisal Service, LLC diligently adheres to.
We only perform to the highest ethical standards possible. Doing assignments based on contingency fees is never an option. In other words, we don't agree to do an appraisal report and get paid only if the loan closes. There's certainly a conflict of interest if an appraiser can report a larger value with the reward of getting paid more money! This isn't how we operate.
Finally, the Uniform Standards of Professional Appraisal Practice explicitly describes 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", or "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 going above and beyond to provide an unbiased determination of the home or property value.
When you engage Bonded Real Estate Appraisal Service, LLC, we'll make sure you're getting the professional service you expect along with the high ethical standards we're known for.