For honest and ethical appraisals, trust Mitchell Real Estate Appraisals
We think of what we do as a profession. The rigors of becoming a licensed appraiser have become more difficult than ever in the past. So it goes without question in this day and age that real estate appraisal can definitely be dubbed a profession rather than a trade. In our field, as with any profession, we are bound by an ethical code.
We have many responsibilities as appraisers but first and foremost we answer to our clients. More often than not, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers are privy to a lot of data, and like an attorney can only discuss many matters with their client. As a homeowner, if you desire to obtain a copy of the appraisal document, you generally have to request it through your lender. Other responsibilities also include, numerical accuracy depending on the assignment's nature, reaching and maintaining an appropriate level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Mitchell Real Estate Appraisals, we take these ethical responsibilities very seriously.
Mitchell Real Estate Appraisals has an established reputation for providing appraisals with the highest of ethics. Contact us today to learn more.
Appraisers can also have fiduciary responsibilities to third parties, such as homeowners, sellers and buyers, or others. Those third parties normally are listed in scope of the appraisal assignment itself. An appraiser's fiduciary duty is restricted to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the job.
There are also ethical rules that have nothing to do with clients and others. For example, appraisers must backup their work files for a minimum of five years - something else Mitchell Real Estate Appraisals diligently adheres to.
We only perform to the highest ethical standards possible. We never do assignments on contingency fees. That is, we are not able to agree to do an appraisal report and collect payment on the contingency of the loan closing. We can't do assignments on percentage fees. That is perhaps the appraisal professions biggest no-no, because it would invite fraudulent practices since raising the value of the home would inflate the their paycheck. We don't do that. Other unethical practices may be defined 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," in addition to other situations We diligently follow these rules to the letter which means you can be confident we are going above and beyond to objectively determine the home or property value.
When you engage Mitchell Real Estate Appraisals 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.