Honesty and Integrity: Timely Appraisal Services
Typically, appraising a long term career. 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 called a profession as opposed to a trade. As with any profession we are bound by an ethical code.
We have quite a few responsibilities as appraisers but above everything we answer to our clients. More often than not, for a typical residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers are required to only disclosing information to their clients, and as a homeowner, if you would like to review the appraisal document, you normally have to request it from your lender. Other responsibilities also include, numerical accuracy depending on the assignment parameters, reaching and keeping a certain 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 Timely Appraisal Services.
Timely Appraisal Services has worked hard for its reputation for performing competent and ethically superior appraisals. Contact us today to learn more.
Appraisers can also have fiduciary responsibilities to third parties, such as homeowners, both buyers and sellers, or others. Those third parties normally are listed in scope of the appraisal assignment itself. An appraiser's fiduciary roll is limited to those third parties who the appraiser is aware of, based on the scope of work or other things in the framework of the job.
There are also ethical rules that have nothing to do with clients and others. For example, appraisers must be able to produce their work files for a minimum of five years - something else Timely Appraisal Services takes very seriously.
Timely Appraisal Services holds itself to the industry standards and guidelines set in place for ethics. We won't accept anything less from ourselves. We never do assignments on contingency fees. That is, we can't agree to do an appraisal report and collect payment on the contingency of the loan closing. We can't do assignments on percentage fees. That is perhaps the appraisal industries most important rule, because it would tend to make appraisers raise the value of homes or properties to increase their paycheck. We set ourselves to a higher standard. Other unethical practices may be established by state law or professional organizations that the 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 rest easy knowing we are going above and beyond to objectively determine the home or property value.
When you engage Timely Appraisal Services we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.