For honest and ethical appraisal practices, call on Premier Appraisal of Southern California
Appraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have become more difficult than ever in the past. That's why 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 are bound by ethical considerations.
As appraisers our primary responsibility is to his or her client. More often than not, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have certain duties of privacy to their clients, and as a homeowner, if you require to obtain a copy of an appraisal report, you normally have to get it through your lender. Other responsibilities also include, accurate sums appropriate to the parameters of the assignment, acquiring and sustaining a certain level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Premier Appraisal of SoCal, we take these ethical responsibilities very seriously.
Premier Appraisal of SoCal has an established track record for producing competent and ethically superior appraisals. Contact us today to learn more.
In some cases appraisers will have fiduciary responsibilities to third parties, including homeowners, buyers and sellers, or others. Those third parties normally are defined in scope of 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 things in the framework of the assignment.
Appraisers also have standards outside of boundaries of clients and others. For example, appraisers must backup their work files for at least five years - something else Premier Appraisal of SoCal diligently adheres to.
When working on an appraisal, we follow the highest ethical standards possible. Working on assignments that contingency fees is never an option. 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 probably the appraisal professions biggest taboo, because it would invite fraudulent practices since increasing the value of the home would raise the fee. We don't do that. Other improper practices may be established by state law or professional societies that the appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also states 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," in addition to other situations We diligently follow these rules to the letter which means you can rest easy knowing we are working hard to objectively determine the home or property value.
With Premier Appraisal of SoCal, you won't have any doubts that you're receiving 100 percent ethical, professional service.