For honest and ethical appraisals, trust Precise AppraisalsAppraising is generally a long term career. Requirements to become a licensed appraiser have increased more than ever before. So it goes without question these days that real estate appraisal can definitely be called a profession as opposed to a trade. As with any profession we have a strict ethical code.
The appraiser's primary responsibility is to their client. Subsequently, appraisers are privy to a lot of data, and like an attorney, can only discuss many of these matters with their client. As a business owner, if you want to review an appraisal report, you normally have to request it from your lender instead of the appraiser.
In some cases appraisers will have fiduciary responsibilities to third parties, such as homeowners, sellers and buyers, or others. Generally the third parties are clearly defined in the appraisal report. An appraiser's fiduciary duty is restricted to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the job.
There are also ethical rules that have nothing to do with clients and others. For example, appraisers must keep their work files for at least five years - something else Precise Appraisals diligently adheres to.
We meet or exceed the industry standards and mandates set in place for ethics. We won't accept anything less from ourselves. Doing orders where our fee is dependent on our value conclusion is not something we can consider. That means we can't agree to do an appraisal report and get paid only if the loan closes. There's an obvious conflict of interest if an appraiser can report an unsubstantiated value and then get paid more money! We just don't do it.
Finally, the Uniform Standards of Professional Appraisal Practice also states unethical behavior 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", or "the amount of a value opinion" as well as other situations. We follow these rules to the letter which means you can be at ease knowing we are working hard to provide an unbiased determination of the home or property value.
When you engage Precise Appraisals, we'll make sure you're getting the professional service you expect along with the principles we're known for.