Honesty and Integrity: James Earp Appraisal Service
Appraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have become more difficult than ever before. So it goes without question these days that real estate appraisal can definitely be called a profession rather than a trade. As with any profession we are bound by ethical considerations.
An appraiser's chief obligation is to his or her client. Generally, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers have rules and regulations they must follow, including confidentiality for their clients a homeowner, if you would like to review an appraisal report, you normally have to get it from your lender. Other obligations also include, numerical accuracy depending on the assignment's nature, attaining and sustaining a particular level of competency and education, and of course, the appraiser must behave in a professional manner. Here at James Earp Appraisal Service, we take these ethical responsibilities very to heart.
James Earp Appraisal Service has worked hard for its track record for providing appraisals with the highest of ethics. Contact us today to learn more.
Appraisers will often be required to consider the interests of third parties, including homeowners, both buyers and sellers, or others. Generally the third parties are specifically defined in the appraisal report. 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.
Appraisers also have rules outside of boundaries of clients and others. For example, appraisers must store their work files for a minimum of five years - at James Earp Appraisal Service you can rest assured that we adhere to that rule.
We only perform to the highest ethical standards possible. We don't 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 don't do assignments on percentage fees. That is perhaps the appraisal professions biggest no-no, because it would invite fraudulent practices since increasing the value of the home would inflate the fee. We don't do that. Other improper practices may be defined by state law or professional organizations that the appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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," in addition to other situations We diligently follow these rules to the letter which means you can be at ease knowing we are working hard to objectively determine the home or property value.
As soon as you engage James Earp Appraisal Service we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.