For honest and ethical appraisals, count on Kent & Associates Appraisal
Appraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have become more difficult than ever before. So it goes without question these days that real estate appraisal can definitely be considered a profession as opposed to a trade. As with any profession we are bound by an ethical code.
As appraisers our main responsibility is to their client. Typically, for a regular 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 require to review an appraisal report, you should request it through your lender. Other responsibilities also include, numerical accuracy depending on the scope of the assignment, attaining and maintaining a respectable level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics is just normal course of business for us at Kent & Associates Appraisal.
Kent & Associates Appraisal has worked hard for its track record for providing appraisals with the highest of ethics. Contact us today to learn more.
Appraisers will regularly be obligated to consider the interests of third parties, such as homeowners, buyers and sellers, or others. Those third parties normally are defined in scope of the appraisal assignment itself. An appraiser's fiduciary responsibility is only to those parties who the appraiser knows, 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 a minimum of five years - at Kent & Associates Appraisal you can rest assured that we stick to that rule.
When creating reports, we follow the highest ethical standards possible. We never do assignments on contingency fees. That is, we are not able to agree to do an appraisal report and get paid only if the loan closes. Another practice that's restricted is doing 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 increase the their paycheck. We don't do that. Other improper practices may be established by state law or professional organizations that the 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," as well as other situations. We follow these rules to the letter which means you can rest easy knowing we are going above and beyond to provide an unbiased determination of the home or property value.
As soon as you order an appraisal from Kent & Associates Appraisal 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.