Honesty and Integrity: Appraisal Associates of BeaufortWe think of our job as a profession. 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 definitely be considered a profession rather than a trade. As with any profession we are bound by ethical considerations.
We have a great deal of obligations as appraisers, but our main duty is to our clients.
Typically, in residential practice, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
Certain elements relating to an assignment are to be shared with the appraiser's client. As
a homeowner, if you desire to review an appraisal report, you normally should obtain it from your lender instead of the appraiser.
Appraisers can frequently have fiduciary responsibilities to third parties, such as homeowners, both buyers and sellers, or others. Those third parties normally are spelled out in scope of the appraisal assignment itself. An appraiser's fiduciary role is restricted to those parties who the appraiser knows, based on the scope of work or other written parameters of the assignment.
There are also ethical rules that have nothing to do with whom we share information. For example, appraisers must store their work files for at least five years - something else Appraisal Associates of Beaufort takes very seriously.
We only perform to the highest ethical standards possible. Doing assignments based on contingency fees is not something we can consider. That means we can't agree to do an appraisal report and get paid only if the loan closes. There's a definite conflict of interest if an appraiser can report a greater value with the reward of getting paid more money! This isn't how we operate.
Finally, the Uniform Standards of Professional Appraisal Practice (or simply "USPAP") explicitly states 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", or "the amount of a value opinion" as well as other situations. We diligently follow these rules to the letter which means you can be assured we are going above and beyond to get you an accurate home or property value.
With Appraisal Associates of Beaufort, you won't have any doubts that you're receiving 100 percent ethical, professional service.