For honest and ethical appraisals, trust Race Appraisal Services, LLC
Appraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have increased more than ever in the past. So it goes without question in this day and age that real estate appraisal can unquestionably be considered a profession rather than a trade. As with any profession we must follow strict ethical considerations.
The appraiser's main responsibility is to their client. Normally, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you want to obtain a copy of an appraisal report, you should request it from your lender. Other obligations also include, accurate figures appropriate to the parameters of the assignment, attaining and sustaining an adequate level of competency and education, and the appraiser must conduct him or herself as a professional. Maintaining high ethics and client confidentiality is standard operating procedure for us at Race Appraisal Services, LLC.
Race Appraisal Services, LLC has worked hard for its reputation for performing appraisals with the highest of ethics. Contact us today to learn more.
Appraisers will regularly be required to consider the interests of third parties, such as homeowners, both buyers and sellers, or others. Typically the third parties are clearly defined in the appraisal report. An appraiser's fiduciary duty is limited to those parties who the appraiser knows, based on the scope of work or other written parameters of the assignment.
Appraisers also have standards outside of boundaries of clients and others. For example, appraisers must backup their work files for a minimum of five years - at Race Appraisal Services, LLC you can rest assured that we adhere to that rule.
We require the highest ethical standards possible from ourselves. Working on orders that contingency fees is not something we can consider That is, we don't agree to do an appraisal report and collect the fee only if the loan closes. Another practice that's restricted is doing assignments on percentage fees. That is probably the appraisal industries biggest taboo, because it would tend to make appraisers raise the value of homes or properties to increase their fee. We don't do that. Other improper practices may be defined by state law or professional societies to which an appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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," in addition to other situations We follow these rules to the letter which means you can rest easy knowing we are doing everything we can to objectively determine the home or property value.
As soon as you order an appraisal from Race Appraisal Services, LLC 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.
Got a Question?
Do you have a question relating to real estate appraisals? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.