For honest and ethical appraisals, rely on Alabama Appraisal Associates
We think of our job as a profession. Requirements to become a licensed appraiser have increased more than ever before. So it goes without question in this day and age that real estate appraisal can certainly be considered a profession as opposed to a trade. In our field, as with any profession, we have a strict ethical code.
For an appraiser the chief obligation is to their client. Generally, for a standard residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have certain duties of confidentiality to their clients, and as a homeowner, if you require to obtain a copy of an appraisal report, you should request it through your lender. Other obligations also include, numerical accuracy depending on the assignment parameters, acquiring and keeping a certain level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Alabama Appraisal Associates, we take these ethical responsibilities very seriously.
Alabama Appraisal Associates has worked hard for its reputation for producing appraisals with the highest of ethics. To learn more Contact us
Appraisers may regularly have fiduciary responsibilities to third parties, such as homeowners, both sellers and buyers, or others. Those third parties normally are listed in the appraisal assignment itself. An appraiser's fiduciary responsibility is restricted to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the order.
There are also ethical rules that have nothing to do with clients and others. For example, appraisers must be able to produce their work files for at least five years - at Alabama Appraisal Associates you can rest assured that we stick to that rule.
We meet or beat the industry standards and rules set in place for ethics. We won't accept anything less from ourselves. Doing assignments on contingency fees is not something we can consider That is, we can't agree to do an appraisal report and collect the fee only if the loan closes. We can't do assignments on percentage fees. That is perhaps the appraisal professions biggest taboo, because it would invite fraudulent practices since increasing the value of the home would raise the their paycheck. We don't do that. Other unprofessional practices may be established by state law or professional societies to which an appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also states unethical behavior 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," as well as other situations. We diligently follow these rules to the letter which means you can rest easy knowing we are going above and beyond to provide an unbiased determination of the home or property value.
With Alabama Appraisal Associates, you won't have any doubts that you're receiving 100 percent ethical, honest service.