Metro Appraisals maintains the utmost professional ethics
We consider our our business a profession. Requirements to become a licensed appraiser have increased more than ever in the past. That's why it goes without question in this day and age that real estate appraisal can unquestionably be considered a profession as opposed to a trade. As with any profession we must follow strict ethical considerations.
We have many responsibilities as appraisers but our primary duty is to our clients. Typically, for a standard residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers are privy to a lot of data, and like an attorney can only discuss many matters with their client. As a homeowner, if you require to review the appraisal document, you should get it from your lender. Other responsibilities also include, numerical accuracy depending on the assignment parameters, reaching and maintaining an adequate level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Metro Appraisals, we take these ethical responsibilities very seriously.
Metro Appraisals has an established track record for producing appraisals with the highest of ethics. Contact us today to learn more.
Appraisers will regularly be obligated to consider the interests of third parties, such as homeowners, buyers and sellers, or others. Normally the third parties are specifically defined in the appraisal report. An appraiser's fiduciary duty is only to those third parties who the appraiser knows, based on the scope of work or other written parameters of the order.
Appraisers also have standards outside of boundaries of clients and others. For example, appraisers must keep their work files for at least five years - at Metro Appraisals you can rest assured that we stick to that rule.
When busy with an assignment, we follow the highest ethical standards possible. We have a responsibility not to do assignments on contingency fees. That is, we can't agree to do an appraisal report and get paid only if the loan closes. We can't do assignments on percentage fees. That is probably the appraisal industries biggest no-no, because it would invite fraudulent practices since increasing the estimate of the home would raise the fee. We set ourselves to a higher standard. Other unprofessional practices may be established by state law or professional societies to which an appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also states unethical behavior 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 working hard to objectively determine the home or property value.
With Metro Appraisals, you won't have any doubts that you're receiving 100 percent ethical, honest service.