Honesty and Integrity: Astute Appraisals, Inc.
Generally, appraising a long term career. Requirements to become a licensed appraiser have become more difficult than ever before. So it goes without question these days that real estate appraisal can unquestionably be considered a profession as opposed to a trade. In our field, as with any profession, we must follow strict ethical considerations.
We have quite a few responsibilities as appraisers but first and foremost we answer to our clients. Normally, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you desire to review an appraisal report, you normally have to request it from your lender. Other responsibilities also include, accurate calculations appropriate to the parameters of the assignment, acquiring and maintaining an appropriate level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Astute Appraisals, Inc., we take these ethical responsibilities very to heart.
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Appraisers will frequently be obligated to consider the interests of third parties, such as homeowners, both sellers and buyers, or others. Those third parties normally are spelled out in the appraisal assignment itself. An appraiser's fiduciary duty is restricted to those parties who the appraiser knows, based on the scope of work or other written parameters of the order.
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 - at Astute Appraisals, Inc. you can rest assured that we stick to that rule.
We require the highest ethical standards possible from ourselves. We never do assignments on contingency fees. That is, we don't agree to do an appraisal report and collect the fee 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 tend to make appraisers raise the value of homes or properties to increase their paycheck. We don't do that. 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 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 We diligently follow these rules to the letter which means you can rest easy knowing we are doing everything we can to objectively determine the home or property value.
With Astute Appraisals, Inc., you won't have any doubts that you're receiving 100 percent ethical, honest service.