Honesty and Integrity: Personal Service Realty's Residential Valuation Group
Appraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have become more difficult than ever in the past. So it goes without question these days that real estate appraisal can unquestionably be considered a profession as opposed to a trade. In our field, as with any profession, we have a strict ethical code.
We have quite a few obligations as appraisers but our main duty is to our clients. Generally, for a regular residential appraisal, the appraiser's client is the lender ordering the appraisal. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you would like to obtain a copy of an appraisal report, you should get it through your lender. Other responsibilities also include, numerical accuracy depending on the scope of the assignment, 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 standard operating procedure for us at Personal Service Realty's Residential Valuation Group.
Personal Service Realty's Residential Valuation Group has worked hard for its track record for providing competent and ethically superior appraisals. To learn more Contact us
In some cases appraisers will have fiduciary responsibilities to third parties, such as homeowners, sellers and buyers, or others. Generally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary responsibility is only to those third parties who the appraiser is aware of, based on the scope of work or other things in the framework of the assignment.
There are also ethical rules that have nothing to do with clients and others. For example, appraisers must backup their work files for a minimum of five years - at Personal Service Realty's Residential Valuation Group you can rest assured that we abide by that rule.
Personal Service Realty's Residential Valuation Group holds itself to the industry standards and guidelines set in place for ethics. We refuse to accept anything less from ourselves. We don't 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. Another practice that's restricted is doing assignments on percentage fees. That is perhaps the appraisal industries most important rule, because it would invite fraudulent practices since raising 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 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," in addition to other situations We follow these rules to the letter which means you can be confident we are going above and beyond to provide an unbiased determination of the home or property value.
When you request an appraisal from Personal Service Realty's Residential Valuation Group we'll make sure you're getting the professional service you expect along with the an ethical approach with appraisals that we're known for.