Honesty and Integrity: Property Valuation Group
Appraising is typically a long term career. Requirements to become a licensed appraiser have increased more than ever before. So it goes without question in this day and age that real estate appraisal can definitely be dubbed a profession as opposed to a trade. As with any profession we are bound by ethical considerations.
We have a lot of responsibilities as appraisers but first and foremost we answer to our clients. More often than not, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you require to review the appraisal document, you normally have to get it through your lender. Other responsibilities also include, numerical accuracy depending on the assignment parameters, reaching and sustaining a particular level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Property Valuation Group, we take these ethical responsibilities very seriously.
Property Valuation Group has worked hard for its reputation for producing competent and ethically superior appraisals. Contact us today to learn more.
Appraisers can also have fiduciary responsibilities to third parties, including homeowners, buyers and sellers, or others. Normally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary duty is limited 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 be able to produce their work files for a minimum of five years - at Property Valuation Group you can rest assured that we adhere to that rule.
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 payment on the contingency of the loan closing. We don't do assignments on percentage fees. That is perhaps the appraisal professions biggest taboo, because it would invite appraisal fraud since increasing the value of the home would up the their paycheck. We don't do that. Other improper practices may be defined by state law or professional societies that the appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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," in addition to 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 engage 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.