Tri-County Appraisals maintains the highest professional ethicsAppraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have increased more than ever before. So it goes without question these days that real estate appraisal can definitely be dubbed a profession as opposed to a trade. In our field, as with any profession, we are bound by an ethical code.
We have many responsibilities as appraisers, but our primary duty is to our clients.
Typically, in residential practice, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
Appraisers are privy to a lot of data, and like an attorney, can only discuss many of these matters with their client. As
a homeowner, if you want to review the appraisal document, you generally have to request it from your lender instead of the appraiser.
Appraisers may also have fiduciary obligations to third parties, such as homeowners, both sellers and buyers, or others. Normally the third parties are specifically defined in the appraisal report. An appraiser's fiduciary duty is restricted to those third parties who the appraiser is aware of, based on the scope of work or other written parameters of the assignment.
There are also ethical duties that have nothing to do with clients and others. For example, appraisers must keep their work files for at least five years - something else Tri-County Appraisals diligently adheres to.
We require the highest ethical standards possible from ourselves. Working on orders where our fee is dependent on our value conclusion is not something we can consider. That means we are not able to agree to do an appraisal report and collect the fee only if the loan closes. It should be apparent to anyone that inflating a value to achieve what amounts to a bigger paycheck is unethical! This isn't how we operate.
Finally, the Uniform Standards of Professional Appraisal Practice (or simply "USPAP") explicitly 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 diligently follow these rules to the letter which means you can be at ease knowing we are going above and beyond to get you an accurate home or property value.
With Tri-County Appraisals, you won't have any doubts that you're getting 100 percent ethical, professional service.