Real Property Metrics upholds the utmost professional ethics
We consider our our business a profession. The rigors of becoming a licensed appraiser have increased more than ever before. That's why it goes without question these days that real estate appraisal can unquestionably be considered a profession rather than a trade. As with any profession we are bound by an ethical code.
We have a great deal of responsibilities as appraisers but above everything we answer to our clients. Typically, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers are privy to a lot of information, and like an attorney can only discuss many matters with their client. As a homeowner, if you require to obtain a copy of an appraisal report, you normally have to get it from your lender. Other obligations also include, accurate figures appropriate to the scope of the assignment, attaining and sustaining a certain level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics and client confidentiality is just normal course of business for us at Real Property Metrics.
Real Property Metrics has an established reputation for completing competent and ethically superior appraisals. Contact us today to learn more.
Appraisers may also have fiduciary obligations to third parties, such as homeowners, sellers and buyers, or others. Those third parties normally are defined in the appraisal assignment itself. 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 written parameters of the job.
There are also ethical duties that have nothing to do with clients and others. For example, appraisers must be able to produce their work files for a minimum of five years - something else Real Property Metrics makes a part of their standard routine.
We meet or beat the industry standards and mandates set in place for professional behavior. We refuse to accept anything less 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 get paid only if the loan closes. We can't do assignments on percentage fees. That is perhaps the appraisal industries most important rule, 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 improper practices may be established by state law or professional organizations to which an appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also states 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," as well as other situations. We diligently follow these rules to the letter which means you can be assured we are working hard to provide an unbiased determination of the home or property value.
As soon as you request an appraisal from Real Property Metrics we'll make sure you're getting the professional service you expect along with the an ethical approach with appraisals that we're known for.