Honesty and Integrity: Property Valuation Group
We think of our business as a profession. The rigors of becoming a licensed appraiser have increased more than ever in the past. So it goes without question these days that real estate appraisal can unquestionably be considered a profession rather than a trade. As with any profession we must follow strict ethical considerations.
We have many responsibilities as appraisers but our main duty is to our clients. More often than not, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have certain duties of privacy to their clients, and as a homeowner, if you desire a copy of the appraisal document, you should request it through your lender. Other responsibilities also include, numerical accuracy depending on the assignment parameters, reaching and maintaining a respectable level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics and client confidentiality is just normal course of business for us at Property Valuation Group.
Property Valuation Group has worked hard for its track record for performing competent and ethically superior appraisals. To learn more Contact us
There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, including homeowners, buyers and sellers, or others. Those third parties normally are defined in the appraisal assignment itself. An appraiser's fiduciary roll is restricted to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the order.
Appraisers also have standards outside of boundaries of clients and others. For example, appraisers must store their work files for at least five years - something else Property Valuation Group takes very seriously.
When busy with an order, we follow the highest ethical standards possible. We have a responsibility not to do assignments on contingency fees. 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 perhaps the appraisal industries most important rule, because it would invite fraudulent practices since increasing the value of the home would increase the their paycheck. We set ourselves to a higher standard. Other unethical practices may be established by state law or professional organizations to which an appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also defines unethical behavior 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 confident we are going above and beyond to objectively determine the home or property value.
As soon as you order an appraisal from Property 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.