Honesty and Integrity: Alabama Appraisal Associates
We consider our our business a profession. The rigors of becoming a licensed appraiser have become more difficult than ever in the past. That's why it goes without question in this day and age that real estate appraisal can definitely be considered a profession rather than a trade. In our field, as with any profession, we must follow strict ethical considerations.
An appraiser's primary obligation is to their client. Normally, for a regular residential appraisal, the appraiser's client is the lender ordering the appraisal. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you require a copy of the appraisal document, you normally have to obtain it from your lender. Other responsibilities also include, accurate figures appropriate to the scope of the assignment, reaching and keeping a certain level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Alabama Appraisal Associates, we take these ethical responsibilities very seriously.
Alabama Appraisal Associates has an established track record for performing competent and ethically superior appraisals. Contact us today to learn more.
Appraisers can frequently have fiduciary obligations 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 limited to those third parties who the appraiser is aware of, based on the scope of work or other written parameters of the order.
Appraisers also have standards outside of boundaries of clients and others. For example, appraisers must backup their work files for a minimum of five years - at Alabama Appraisal Associates you can rest assured that we stick to that rule.
Alabama Appraisal Associates holds itself to the industry standards and guidelines set in place for ethics. We won't accept anything less from ourselves. Working on orders that 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 can't do assignments on percentage fees. That is perhaps the appraisal industries most important rule, because it would invite fraudulent practices since raising the value of the home would increase the their paycheck. We set ourselves to a higher standard. Other unprofessional practices may be defined by state law or professional societies 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 at ease knowing we are doing everything we can to provide an unbiased determination of the home or property value.
With Alabama Appraisal Associates, you can be assured of 100 percent ethical, professional service.