For honest and ethical appraisals, trust Salt Lake Appraising
We think of our business as a profession. The rigors of becoming a licensed appraiser have increased more than ever in the past. That's why it goes without question in this day and age that real estate appraisal can unquestionably 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 primary obligation is to their client. Generally, for a regular residential appraisal, 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 desire 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, acquiring and keeping a certain level of competency and education, and the appraiser must conduct him or herself as a professional. Maintaining high ethics and client confidentiality is is what we do everyday at Salt Lake Appraising.
Salt Lake Appraising has an established reputation for producing competent and ethically superior appraisals. Contact us today to learn more.
There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, such as homeowners, both buyers and sellers, or others. Those third parties normally are listed in the appraisal assignment itself. An appraiser's fiduciary duty is restricted to those parties who the appraiser is aware of, based on the scope of work or other things in the framework of the assignment.
Appraisers also have duties outside of boundaries of clients and others. For example, appraisers must backup their work files for at least five years - at Salt Lake Appraising you can rest assured that we abide by that rule.
We meet or beat the industry standards and guidelines set in place for professional behavior. We refuse to accept anything less from ourselves. We don't do assignments on contingency fees. That is, we are not able to 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 most important rule, because it would invite appraisal fraud since increasing the value of the home would up the their paycheck. We don't do that. Other unprofessional practices may be defined by state law or professional organizations 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 follow these rules to the letter which means you can be assured we are going above and beyond to provide an unbiased determination of the home or property value.
With Salt Lake Appraising, you can be assured of 100 percent ethical, professional service.