Honesty and Integrity: ASAP Appraisal Group
We think of our business as a profession. Requirements to become a licensed appraiser have become more difficult than ever before. That's why it goes without question in this day and age that real estate appraisal can unquestionably be considered a profession rather than a trade. As with any profession we have a strict ethical code.
We have a lot of obligations as appraisers but first and foremost we answer to our clients. Typically, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers are privy to a lot of information, and like an attorney can only discuss many matters with their client. As a homeowner, if you require to review the appraisal document, you generally have to request it through your lender. Other responsibilities also include, accurate calculations appropriate to the nature of the report, attaining and sustaining an adequate level of competency and education, and the appraiser must conduct him or herself as a professional. Here at ASAP Appraisal Group, we take these ethical responsibilities very seriously.
ASAP Appraisal Group has worked hard for its track record for producing competent and ethically superior appraisals. Contact us today to learn more.
Appraisers may often have fiduciary responsibilities to third parties, including homeowners, buyers and sellers, or others. Normally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary roll is limited to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the job.
Appraisers also have duties outside of boundaries of clients and others. For example, appraisers must be able to produce their work files for at least five years - something else ASAP Appraisal Group takes very seriously.
While busy with an assignment, we follow the highest ethical standards possible. We have a responsibility not to do assignments on contingency fees. That is, we can't agree to do an appraisal report and collect payment on the contingency of the loan closing. Another practice that's restricted is doing assignments on percentage fees. That is probably the appraisal industries biggest taboo, because it would tend to make appraisers inflate the value of homes or properties to increase their paycheck. We don't do that. Other unethical practices may be established by state law or professional organizations that the appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) 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," "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 objectively determine the home or property value.
When you engage ASAP Appraisal Group we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.