ValPros Upholds the Highest Professional Ethics
The requirements to become a licensed appraiser have become more difficult than ever in the last few years. That’s why it goes without question that real estate appraisal can definitely be dubbed a profession as opposed to a trade. In our field, as with any profession, we must follow strict ethical considerations.
The appraiser’s main responsibility is to their client. Generally, for a normal residential appraisal, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser’s client. Subsequently, appraisers are typically restricted to only disclosing their findings to their clients. As a homeowner who would like to review the appraisal document, you normally have to obtain it through your lender.
Other appraiser responsibilities include accurate figures appropriate to the scope of the assignment, acquiring and maintaining a respectable level of competency and education, and of course, the behaving in a professional manner. Appraisers often have fiduciary responsibilities to third parties such as homeowners, sellers, buyers or others. Those third parties are normally listed within the appraisal assignment. An appraiser’s fiduciary duty is restricted to those third parties of whom the appraiser is aware, 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 – something else ValPros diligently adheres to.
Maintaining high ethical standards is the normal course of business for us here at ValPros and we hold ourselves to the highest ethical standards. We never accept orders based on contingency fees. That means we will never agree to do an appraisal report and collect payment on the contingency of the loan closing. There’s an obvious conflict of interest if an appraiser can report a greater value with the reward of getting paid more money!
The Uniform Standards of Professional Appraisal Practice (known as USPAP) clearly describes an ethical violation 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” in addition to other situations. We diligently follow these rules to the letter which means you can rest easy knowing that we go above and beyond to provide you with an accurate home or property value.
As soon as you engage ValPros, we’ll make sure you’re getting the professional service you expect along with the high ethical standards we’re known for.
