P.M. Appraisals, Inc. maintains the utmost professional ethics
By and large, appraising a long term career. The rigors of becoming 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 definitely be called a profession rather than a trade. In our field, as with any profession, we are bound by ethical considerations.
For an appraiser the chief responsibility is to their client. Typically, for a normal residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have certain duties of privacy to their clients, and as a homeowner, if you want a copy of an appraisal report, you should obtain it from your lender. Other responsibilities also include, numerical accuracy depending on the scope of the assignment, reaching and sustaining a certain level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics is standard operating procedure for us at P.M. Appraisals, Inc..
P.M. Appraisals, Inc. has an established track record for completing competent and ethically superior appraisals. Contact us today to learn more.
There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, such as homeowners, both sellers and buyers, or others. Typically 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 rules outside of boundaries of clients and others. For example, appraisers must be able to produce their work files for a minimum of five years - something else P.M. Appraisals, Inc. makes a part of their standard routine.
We require the highest ethical standards possible from ourselves. We have a responsibility not to do assignments on contingency fees. That is, we can't agree to do an appraisal report and collect payment on the contingency of the loan closing. Another practice that's restricted is doing assignments on percentage fees. That is perhaps the appraisal industries most important rule, because it would invite appraisal fraud since increasing the value of the home would increase the their paycheck. 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 defines a violation in ethics 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," "the amount of a value opinion," in addition to other situations We diligently follow these rules to the letter which means you can rest easy knowing we are going above and beyond to objectively determine the home or property value.
As soon as you order an appraisal from P.M. Appraisals, 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.