For honest and ethical appraisals, trust Bear Rock Appraisal
We think of what we do as a profession. Requirements to become a licensed appraiser have increased more than ever in the past. That's why it goes without question these days 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.
The appraiser's primary responsibility is to his or her client. Typically, in residential practice, 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 require to review an appraisal report, you should obtain it through your lender. Other obligations also include, numerical accuracy depending on the scope of the assignment, acquiring and maintaining a particular level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Bear Rock Appraisal, we take these ethical responsibilities very to heart.
Bear Rock Appraisal has an established reputation for producing competent and ethically superior appraisals. Contact us today to learn more.
In some cases appraisers will have fiduciary responsibilities to third parties, including homeowners, sellers and buyers, or others. Generally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary responsibility 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 order.
Appraisers also have duties outside of boundaries of clients and others. For example, appraisers must backup their work files for a minimum of five years - at Bear Rock Appraisal you can rest assured that we abide by that rule.
We demand the highest ethical standards possible from ourselves. Working on assignments that contingency fees is not something we can consider That is, we are not able to 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 probably the appraisal industries biggest no-no, because it would tend to make appraisers inflate the value of homes or properties to increase their fee. 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 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," as well as other situations. We diligently follow these rules to the letter which means you can rest easy knowing we are doing everything we can to objectively determine the home or property value.
With Bear Rock Appraisal, you won't have any doubts that you're getting 100 percent ethical, professional service.