Young Real Estate Appraisals maintains the highest professional ethics
Appraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have increased more than ever before. That's why it goes without question in this day and age that real estate appraisal can certainly be considered a profession as opposed to a trade. As with any profession we are bound by ethical considerations.
As appraisers our main obligation is to his or her client. Typically, for a normal residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers are privy to a lot of data, 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 obtain it through your lender. Other responsibilities also include, numerical accuracy depending on the scope of the assignment, reaching and maintaining a respectable 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 seriously.
Young Real Estate Appraisals has an established reputation for providing competent and ethically superior appraisals. To learn more Contact us
Appraisers can also have fiduciary responsibilities to third parties, such as homeowners, both buyers and sellers, or others. Typically the third parties are specifically defined in the appraisal report. An appraiser's fiduciary roll is restricted to those third parties who the appraiser knows, based on the scope of work or other written parameters of the job.
Appraisers also have duties outside of boundaries of with whom we share information For example, appraisers must keep their work files for a minimum of five years - at Young Real Estate Appraisals you can rest assured that we stick to that rule.
We require the highest ethical standards possible from ourselves. Doing assignments on contingency fees is never an option. That is, we are not able to agree to do an appraisal report and collect the fee only if the loan closes. We don't do assignments on percentage fees. That is probably the appraisal professions most important rule, because it would invite fraudulent practices since raising the estimate of the home would raise the their paycheck. We set ourselves to a higher standard. Other improper practices may be established by state law or professional societies to which an 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 be assured we are going above and beyond to provide an unbiased determination of the home or property value.
As soon as 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.