Graham Appraisal upholds the utmost professional ethics
Appraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have become more difficult than ever in the past. That's why it goes without question these days that real estate appraisal can certainly be called a profession as opposed to a trade. In our field, as with any profession, we are bound by ethical considerations.
For an appraiser the primary responsibility is to his or her client. Typically, for a standard residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have rules and regulations they must follow, including confidentiality for their clients a homeowner, if you require to review an appraisal report, you generally have to obtain it from your lender. Other obligations also include, accurate sums appropriate to the scope of the report, reaching and sustaining an adequate level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Graham Appraisal, we take these ethical responsibilities very seriously.
Graham Appraisal has worked hard for its track record for performing appraisals with the highest of ethics. To learn more Contact us
Appraisers can also have fiduciary responsibilities to third parties, including homeowners, both buyers and sellers, or others. Normally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary responsibility is restricted to those third parties who the appraiser is aware of, based on the scope of work or other written parameters of the job.
Appraisers also have standards outside of boundaries of clients and others. For example, appraisers must backup their work files for at least five years - at Graham Appraisal you can rest assured that we stick to that rule.
When creating reports, we follow the highest ethical standards possible. We never do assignments on contingency fees. That is, we can't agree to do an appraisal report and collect payment on the contingency of the loan closing. Another practice that's restricted is doing assignments on percentage fees. That is probably the appraisal industries biggest no-no, because it would invite appraisal fraud since raising the estimate of the home would up the their paycheck. We don't do that. Other unethical practices may be established 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 diligently follow these rules to the letter which means you can be at ease knowing we are working hard to provide an unbiased determination of the home or property value.
With Graham Appraisal, you can be assured of 100 percent ethical, professional service.