Honesty and Integrity: Bankers Appraisal

By and large, appraising a long term career. The rigors of becoming a licensed appraiser have increased more than ever before. So 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 are bound by ethical considerations.

We have a lot of obligations as appraisers but our chief duty is to our clients. Typically, 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 require a copy of an appraisal report, you should get it through your lender. Other responsibilities also include, numerical accuracy depending on the assignment parameters, acquiring and maintaining a particular level of competency and education, and the appraiser must conduct him or herself as a professional. Maintaining high ethics is is what we do everyday at Bankers Appraisal.

Appraisers will frequently need to consider the interests of third parties, including homeowners, buyers and sellers, or others. Generally the third parties are clearly defined in the appraisal report. An appraiser's fiduciary duty is only to those third parties who the appraiser knows, based on the scope of work or other written parameters of the job.

Appraisers also have rules outside of boundaries of with whom we share information For example, appraisers must store their work files for a minimum of five years - something else Bankers Appraisal takes very seriously.

We meet or beat the industry standards and rules set in place for professional behavior. We won't accept anything less from ourselves. Doing orders on contingency fees is not something we can consider That is, we can't agree to do an appraisal report and collect payment on the contingency of the loan closing. We don't do assignments on percentage fees. That is probably the appraisal industries most important rule, because it would invite fraudulent practices since increasing the value of the home would increase the their paycheck. We set ourselves to a higher standard. Other unethical practices may be established by state law or professional societies to which an appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also defines a violation in ethics as accepting 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 be assured we are going above and beyond to objectively determine the home or property value.

As soon as you engage Bankers Appraisal 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.