For honest and ethical appraisals, trust Young Real Estate Appraisals
By and large, appraising a long term career. Requirements to become a licensed appraiser have become more difficult than ever before. So it goes without question these days that real estate appraisal can certainly be dubbed a profession rather than a trade. As with any profession we have a strict ethical code.
The appraiser's chief responsibility is to their 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 want to review the appraisal document, you should obtain it from your lender. Other responsibilities also include, accurate sums appropriate to the scope of the assignment, acquiring and keeping a particular level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Young Real Estate Appraisals, we take these ethical responsibilities very to heart.
Young Real Estate Appraisals has an established track record for performing 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. Those third parties normally are defined in scope of the appraisal assignment itself. An appraiser's fiduciary duty is only to those parties who the appraiser is aware of, based on the scope of work or other things in the framework of the assignment.
There are also ethical rules that have nothing to do with clients and others. For example, appraisers must backup their work files for at least five years - at Young Real Estate Appraisals you can rest assured that we abide by that rule.
We require the highest ethical standards possible from ourselves. We have a responsibility not to do assignments on contingency fees. That is, we are not able to 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 perhaps the appraisal industries biggest taboo, because it would tend to make appraisers up the value of homes or properties to increase their fee. We don't do that. Other unprofessional practices may be defined by state law or professional organizations that the appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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 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.
As soon as you request an appraisal from Young Real Estate Appraisals we'll make sure you're getting the professional service you expect along with the an ethical approach with appraisals that we're known for.