Honesty and Integrity: Personal Service Realty's Residential Valuation Group
Appraising is typically a long term career. The rigors of becoming a licensed appraiser have become more difficult than ever before. So it goes without question in this day and age 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 an ethical code.
We have many obligations as appraisers but our primary duty is to our clients. Most of the time, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers have rules and regulations they must follow, including keeping many matters private for their clients a homeowner, if you desire a copy of an appraisal report, you generally have to get it through your lender. Other responsibilities also include, accurate figures appropriate to the nature of the assignment, attaining and maintaining an appropriate level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Personal Service Realty's Residential Valuation Group, we take these ethical responsibilities very seriously.
Personal Service Realty's Residential Valuation Group has worked hard for its track record for completing appraisals with the highest of ethics. To learn more Contact us
Appraisers will sometimes be obligated to consider the interests of third parties, such as homeowners, both 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 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 backup their work files for a minimum of five years - at Personal Service Realty's Residential Valuation Group 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. We have a responsibility not to do assignments on contingency fees. That is, we don't 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 biggest taboo, because it would invite fraudulent practices since increasing the estimate of the home would increase the fee. 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 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 rest easy knowing we are going above and beyond to objectively determine the home or property value.
When you request an appraisal from Personal Service Realty's Residential Valuation Group we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.