For honest and ethical appraisals, count on S. Peters and Associates, Inc
Generally, appraising a long term career. Requirements to become a licensed appraiser have increased more than ever in the past. So it goes without question in this day and age that real estate appraisal can unquestionably be dubbed a profession rather than a trade. As with any profession we must follow strict ethical considerations.
For an appraiser the chief responsibility is to his or her client. Typically, for a regular residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers are required to only disclosing information to their clients, and as a homeowner, if you desire a copy of an appraisal report, you generally have to get it through your lender. Other obligations also include, accurate calculations appropriate to the scope of the report, reaching and maintaining a particular level of competency and education, and the appraiser must conduct him or herself as a professional. Maintaining high ethics is standard operating procedure for us at S. Peters and Associates, Inc.
S. Peters and Associates, Inc has an established track record for performing competent and ethically superior appraisals. To learn more Contact us
Appraisers may also have fiduciary responsibilities to third parties, including homeowners, both buyers and sellers, or others. Typically the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary duty is restricted 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 standards outside of boundaries of clients and others. For example, appraisers must backup their work files for a minimum of five years - at S. Peters and Associates, Inc you can rest assured that we stick to that rule.
When busy with an appraisal, we follow the highest ethical standards possible. We never do assignments on contingency fees. That is, we can't agree to do an appraisal report and get paid only if the loan closes. Another practice that's restricted is doing assignments on percentage fees. That is probably the appraisal professions biggest no-no, because it would invite appraisal fraud since increasing the estimate of the home would inflate the fee. We don't do that. Other improper 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," in addition to other situations We diligently follow these rules to the letter which means you can be confident we are going above and beyond to objectively determine the home or property value.
As soon as you order an appraisal from S. Peters and Associates, Inc we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.