Real Estate Appraiser Ethics

In our professional field of Appraisals, we are bound by ethical considerations.

Our primary responsibility is to our client.

Normally, in residential property appraisals, the appraiser's client is the lender ordering the appraisal to decide whether to make the mortgage loan. 

However, clients can also be the property owner, lawyer, insurance company, title company, or other private individuals.

 

Confidentiality

Appraisers have certain duties of confidentiality to their clients -- as a homeowner, if you want a copy of an appraisal report, you normally have to request it through your lender -- obligations of numerical accuracy depending on the assignment parameters, an obligation to attain and maintain a certain level of competency and education, and must generally conduct him or herself as a professional. 

Here, we take these ethical responsibilities very seriously.

 

Fiduciary Obligations

Appraisers may also have fiduciary obligations to third parties, such as homeowners, both buyers and sellers, or others.  Those third parties normally are spelled out in the appraisal assignment itself. An appraiser's fiduciary duty is limited to those third parties who the appraiser knows, based on the scope of work or other written parameters of the assignment.

There are 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.

 

Appraisal Industry - Uniform Standards

The Uniform Standards of Professional Appraisal Practice (USPAP) also defines as unethical 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," and other things.  This means you can be assured we are working to objectively determine the home or property value.

 

Our Promise

We only perform to the highest ethical standards possible. We don't do assignments on contingency fees. That is, we don't agree to do an appraisal report and get paid only if the loan closes. We don't do assignments on percentage fees.That is probably the appraisal profession’s biggest no-no, 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 defined by state law or professional societies to which an appraiser belongs.

You can be assured of 100% ethical, professional service.

 

Need A Home Appraisal In Phoenix, AZ?

We do home appraisals in the Phoenix area including Scottsdale, Chandler, Gilbert, Mesa, San Tan Valley and surrounding areas. We welcome you to look through our website, review appraisal services, join our Facebook community, and learn more about our expert appraisers.

Give us a call to schedule your appraisal.