For honest and ethical appraisals, trust Great Estates, Inc.
Appraising is typically a long term career. Requirements to become a licensed appraiser have become more difficult than ever before. That's why it goes without question these days that real estate appraisal can unquestionably be dubbed a profession as opposed to a trade. As with any profession we are bound by an ethical code.
An appraiser's primary obligation is to their client. Typically, in residential practice, the appraiser's client is the lender ordering the appraisal. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you want a copy of an appraisal report, you should get it through your lender. Other responsibilities also include, accurate calculations appropriate to the nature of the report, attaining and maintaining a respectable level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Great Estates, Inc., we take these ethical responsibilities very seriously.
Great Estates, Inc. has worked hard for its reputation for performing appraisals with the highest of ethics. To learn more Contact us
Appraisers can also have fiduciary responsibilities to third parties, such as homeowners, sellers and buyers, or others. Typically the third parties are clearly defined in the appraisal report. An appraiser's fiduciary duty is limited to those third parties who the appraiser is aware of, based on the scope of work or other written parameters of the order.
Appraisers also have rules outside of boundaries of with whom we share information For example, appraisers must keep their work files for at least five years - something else Great Estates, Inc. makes a part of their standard routine.
When busy with an assignment, we follow the highest ethical standards possible. Doing assignments on contingency fees is never an option. That is, we are not able to 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 professions biggest no-no, because it would invite fraudulent practices since raising the value of the home would increase the their paycheck. We don't do that. Other unprofessional practices may be defined by state law or professional organizations to which an 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 be confident we are working hard to objectively determine the home or property value.
When you engage Great Estates, Inc. we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.