Honesty and Integrity: Young Real Estate Appraisals
We think of what we do as a profession. The rigors of becoming a licensed appraiser have increased more than ever in the past. So it goes without question in this day and age that real estate appraisal can unquestionably be dubbed a profession rather than a trade. In our field, as with any profession, we are bound by an ethical code.
An appraiser's chief responsibility is to his or her client. Most of the time, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you require to obtain a copy of an appraisal report, you should get it through your lender. Other responsibilities also include, accurate sums appropriate to the nature of the report, attaining and maintaining a particular level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics and client confidentiality is just normal course of business for us at Young Real Estate Appraisals.
Young Real Estate Appraisals has an established track record for providing competent and ethically superior appraisals. Contact us today to learn more.
There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, including homeowners, sellers and buyers, or others. Generally 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 things in the framework of the order.
Appraisers also have rules outside of boundaries of clients and others. For example, appraisers must store their work files for at least five years - at Young Real Estate Appraisals you can rest assured that we abide by that rule.
We meet or beat the industry standards and mandates set in place for ethics. We refuse to accept anything less from ourselves. Working on assignments that contingency fees is not something we can consider That is, we don't agree to do an appraisal report and collect payment on the contingency of the loan closing. We can't do assignments on percentage fees. That is perhaps the appraisal professions most important rule, because it would invite fraudulent practices since raising the estimate of the home would increase the their paycheck. We set ourselves to a higher standard. 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 unethical behavior 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 follow these rules to the letter which means you can be at ease knowing we are doing everything we can to objectively determine the home or property value.
When you engage 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.