Property Valuation, LLC maintains the highest professional ethicsWe 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 certainly be dubbed a profession rather than a trade. As with any profession we must follow strict ethical considerations.
The appraiser's main obligation is to their client.
Typically, in residential practice, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
It's important to know that a lot of matters relating to an assignment are to be shared exclusively with the appraiser's client. As
a homeowner, if you want to review the appraisal document, you generally should obtain it via your lender and not the appraiser.
In some cases appraisers will have fiduciary responsibilities to third parties, including 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 only to those parties who the appraiser is aware of, based on the scope of work or other things in the framework of the job.
Appraisers also have rules outside of boundaries of with whom we share information For example, appraisers must store their work files for a minimum of five years - something else Property Valuation, LLC diligently adheres to.
We only perform to the highest ethical standards possible. Doing assignments based on contingency fees is never an option. In other words, we don't agree to do an appraisal report and collect payment on the contingency of the loan closing. There's a definite conflict of interest if an appraiser can report a larger value with the reward of getting paid more money! This isn't how we operate.
Finally, the Uniform Standards of Professional Appraisal Practice 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 rest easy knowing we are working hard to objectively determine the home or property value.
As soon as you order an appraisal from Property Valuation, LLC, we'll make sure you're getting the professional service you deserve along with the high ethical standards we're known for.