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Golden Appraisal Services, LLC - Appraiser Ethics
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For Real Estate and Appraisal education please click below: Armbrust Real Estate Institute
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Appraiser
Ethics Appraisal is a profession, and appraisers are professionals. In our field as with any profession we are bound by ethical considerations. An
appraiser's primary responsibility is to his or her
client. Normally, in the lending practice, the
appraiser's client is the lender ordering the
appraisal to decide whether to make the mortgage
loan. Appraisers have certain duties of
confidentiality to their clients. As a property owner,
if you want a copy of an appraisal report, you
normally have to request it through your lender. The
appraiser also has obligations of confidentiality, 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. Appraisers
may also have fiduciary obligations to third parties,
such as property owners, 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 such as the disclosure, in the report, of
the client, intended user and the intended use
of the report. There are ethical rules that have nothing to do with clients and others. Appraisers must keep their work files for a minimum of five years. 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 the appraised 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. 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 property value. You can be assured of 100 percent ethical and professional service!
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