Barnes Appraisal Company upholds the highest professional ethics
Appraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have increased more than ever before. That's why it goes without question these days that real estate appraisal can definitely be considered a profession rather than a trade. In our field, as with any profession, we must follow strict ethical considerations.
We have a great deal of obligations as appraisers but our main duty is to our clients. Normally, in residential practice, 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 want to review an appraisal report, you generally have to get it from your lender. Other obligations also include, numerical accuracy depending on the scope of the assignment, acquiring and maintaining a certain level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Barnes Appraisal Company, we take these ethical responsibilities very seriously.
Barnes Appraisal Company has worked hard for its track record for completing appraisals with the highest of ethics. Contact us today to learn more.
Appraisers can also have fiduciary obligations 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 responsibility is restricted to those parties who the appraiser knows, based on the scope of work or other written parameters of the job.
There are also ethical duties that have nothing to do with clients and others. For example, appraisers must backup their work files for a minimum of five years - at Barnes Appraisal Company you can rest assured that we abide by that rule.
We only perform to the highest ethical standards possible. Working on orders that contingency fees is not something we can consider 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 perhaps the appraisal industries most important rule, because it would tend to make appraisers inflate the value of homes or properties to increase their fee. We don't do that. Other unethical practices may be established by state law or professional societies to which an appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also states a violation in ethics 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 going above and beyond to provide an unbiased determination of the home or property value.
With Barnes Appraisal Company, you can be assured of 100 percent ethical, professional service.