Real Property Metrics upholds the utmost professional ethics
Appraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have increased more than ever before. So it goes without question these days that real estate appraisal can definitely be called a profession as opposed to a trade. In our field, as with any profession, we have a strict ethical code.
We have a lot of responsibilities as appraisers but our main duty is to our clients. Generally, in residential practice, 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 would like a copy of the appraisal document, you generally have to obtain it through your lender. Other obligations also include, accurate sums appropriate to the parameters of the report, acquiring and maintaining a respectable 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 Real Property Metrics.
Real Property Metrics has an established reputation for performing competent and ethically superior appraisals. To learn more Contact us
In some cases appraisers will have fiduciary responsibilities 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 roll is restricted to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the job.
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 Real Property Metrics diligently adheres to.
When creating reports, we follow the highest ethical standards possible. We have a responsibility not to do assignments on contingency fees. That is, we can't agree to do an appraisal report and collect the fee 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 don't do that. Other unprofessional practices may be defined by state law or professional societies that the appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also states unethical behavior 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 confident we are going above and beyond 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 ethical handling of appraisals that we're known for.