Honesty and Integrity: Associate Appraisers of America
Appraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have increased more than ever before. So it goes without question in this day and age that real estate appraisal can certainly be considered a profession rather than a trade. As with any profession we must follow strict ethical considerations.
We have a lot of responsibilities as appraisers but our chief duty is to our clients. More often than not, 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 a homeowner, if you desire to obtain a copy of an appraisal report, you generally have to get it through your lender. Other obligations also include, accurate figures appropriate to the scope of the report, reaching and keeping an adequate level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics and client confidentiality is just normal course of business for us at Associate Appraisers of America.
Associate Appraisers of America has worked hard for its reputation for providing competent and ethically superior appraisals. Contact us today to learn more.
Appraisers can also have fiduciary obligations to third parties, including homeowners, sellers and buyers, or others. Generally the third parties are specifically defined in the appraisal report. An appraiser's fiduciary responsibility is restricted to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the order.
There are also ethical rules that have nothing to do with whom we share information. For example, appraisers must keep their work files for a minimum of five years - something else Associate Appraisers of America diligently adheres to.
Associate Appraisers of America holds itself to the industry standards and guidelines set in place for ethics. We can't accept anything less from ourselves. Doing assignments on contingency fees is not something we can consider That is, we don't agree to do an appraisal report and collect the fee only if the loan closes. We don't do assignments on percentage fees. That is perhaps the appraisal industries biggest taboo, because it would invite appraisal fraud since raising the value of the home would increase the 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 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," as well as other situations. We diligently 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 request an appraisal from Associate Appraisers of America we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.