![]() National Valuation Services maintains the utmost professional ethicsWe 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 these days that real estate appraisal can definitely be dubbed a profession rather than a trade. As with any profession we have a strict ethical code.
An appraiser's primary obligation is to their client.
Most of the time, in residential practice, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
Certain matters pertaining to an assignment are to be discussed exclusively with the appraiser's client. As
a homeowner, if you want a copy of the appraisal document, you normally have to obtain it from your lender and not the appraiser.
Appraisers can frequently have fiduciary obligations to third parties, including homeowners, buyers and sellers, or others. Normally the third parties are clearly defined in the appraisal report. An appraiser's fiduciary responsibility is limited 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 duties that have nothing to do with whom we share information. For example, appraisers must store their work files for a minimum of five years - something else National Valuation Services takes very seriously. When creating reports, we follow the highest ethical standards possible. Accepting orders where our fee is dependent on our value conclusion is not something we can consider. In other words, we don't agree to do an appraisal report and base our pay upon coming up with a particular value conclusion. There's an obvious conflict of interest if an appraiser can report a larger value with the reward of getting paid more money! We set ourselves to a higher standard. Finally, the Uniform Standards of Professional Appraisal Practice (or simply "USPAP") also describes 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", or "the amount of a value opinion" in addition to other situations We follow these rules to the letter which means you can rest easy knowing we are working hard to objectively determine the home or property value. When you engage National Valuation Services, we'll make sure you're getting the professional service you expect along with the high ethical standards we're known for. |