Honesty and Integrity: Maider Appraisals
We consider our what we do 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 are bound by an ethical code.
As appraisers our primary responsibility is to their client. Typically, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers have rules and regulations they must follow, including keeping many matters private for their clients a homeowner, if you would like to review the appraisal document, you should request it through your lender. Other obligations also include, accurate sums appropriate to the scope of the report, acquiring and keeping an adequate level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Maider Appraisals, we take these ethical responsibilities very to heart.
Maider Appraisals has an established track record for providing competent and ethically superior appraisals. Contact us today to learn more.
Appraisers can frequently have fiduciary obligations to third parties, including homeowners, both buyers and sellers, or others. Those third parties normally are defined in the appraisal assignment itself. An appraiser's fiduciary duty is only to those parties who the appraiser knows, based on the scope of work or other things in the framework of the job.
There are also ethical rules that have nothing to do with clients and others. For example, appraisers must store their work files for a minimum of five years - something else Maider Appraisals takes very seriously.
We meet or beat the industry standards and mandates set in place for ethics. We can't accept anything less from ourselves. We have a responsibility not to do assignments on contingency fees. That is, we are not able to agree to do an appraisal report and get paid only if the loan closes. We don't do assignments on percentage fees. That is probably the appraisal professions biggest taboo, because it would invite appraisal fraud since raising the value of the home would up the their paycheck. We don't do that. Other unethical practices may be defined 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 diligently follow these rules to the letter which means you can rest easy knowing we are going above and beyond to provide an unbiased determination of the home or property value.
When you order an appraisal from Maider Appraisals we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.