For honest and ethical appraisals, count on Signature Appraisals
We think of our business as a profession. 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 rather than a trade. In our field, as with any profession, we are bound by ethical considerations.
We have a lot of responsibilities as appraisers but first and foremost we answer to our clients. Typically, for a normal residential appraisal, the appraiser's client is the lender ordering the appraisal. 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 the appraisal document, you generally have to get it from your lender. Other responsibilities also include, accurate calculations appropriate to the scope of the assignment, attaining and keeping a respectable level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Signature Appraisals, we take these ethical responsibilities very seriously.
Signature Appraisals has an established track record for completing appraisals with the highest of ethics. To learn more Contact us
Appraisers may frequently have fiduciary responsibilities to third parties, including homeowners, both sellers and buyers, or others. Generally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary responsibility is limited to those third 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 standards that have nothing to do with clients and others. For example, appraisers must keep their work files for a minimum of five years - at Signature Appraisals you can rest assured that we stick to that rule.
We demand the highest ethical standards possible from ourselves. We never do assignments on contingency fees. That is, we can't 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 probably the appraisal professions most important rule, because it would tend to make appraisers up the value of homes or properties to increase their fee. We don't do that. Other unethical practices may be defined by state law or professional organizations to which an appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also defines a violation in ethics 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," as well as other situations. We diligently follow these rules to the letter which means you can be at ease knowing we are working hard to objectively determine the home or property value.
When you engage Signature Appraisals we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.