Honesty and Integrity: Premier Appraisal of Southern California
By and large, appraising a long term career. Requirements to become a licensed appraiser have increased more than ever before. That's why it goes without question these days that real estate appraisal can definitely be called a profession rather than a trade. As with any profession we have a strict ethical code.
We have many responsibilities as appraisers but above everything we answer to our clients. Typically, for a regular residential appraisal, 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 want to obtain a copy of the appraisal document, you generally have to get it from your lender. Other responsibilities also include, numerical accuracy depending on the scope of the assignment, reaching and maintaining a certain level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Premier Appraisal of Southern California, we take these ethical responsibilities very to heart.
Premier Appraisal of Southern California has an established reputation for providing appraisals with the highest of ethics. Contact us today to learn more.
In some cases appraisers will have fiduciary responsibilities to third parties, including homeowners, buyers and sellers, or others. Typically the third parties are specifically defined in the appraisal report. An appraiser's fiduciary duty is only 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 clients and others. For example, appraisers must keep their work files for a minimum of five years - at Premier Appraisal of Southern California you can rest assured that we adhere to that rule.
We demand the highest professional integrity possible from ourselves. Working on orders that contingency fees is not something we can consider That is, we don't agree to do an appraisal report and get paid only if the loan closes. Another practice that's restricted is doing assignments on percentage fees. That is probably the appraisal industries most important rule, because it would tend to make appraisers inflate the value of homes or properties to increase their fee. We set ourselves to a higher standard. Other unprofessional practices may be defined by state law or professional societies to which an 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," 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.
When you request an appraisal from Premier Appraisal of Southern California we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.