REVARI (Real Estate Valuation and Research Inc.) maintains the utmost professional ethics
Appraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have become more difficult than ever before. So it goes without question in this day and age that real estate appraisal can unquestionably be called a profession as opposed to a trade. As with any profession we must follow strict ethical considerations.
We have quite a few obligations as appraisers but first and foremost we answer to our clients. Typically, for a standard residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers have certain duties of confidentiality to their clients, and as a homeowner, if you require to review the appraisal document, you normally have to obtain it from your lender. Other responsibilities also include, accurate calculations appropriate to the parameters of the assignment, acquiring and keeping a certain level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics is is what we do everyday at REVARI (Real Estate Valuation and Research Inc.).
REVARI (Real Estate Valuation and Research Inc.) has worked hard for its reputation for producing competent and ethically superior appraisals. Contact us today to learn more.
There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, including homeowners, both buyers and sellers, or others. Normally the third parties are specifically defined in the appraisal report. An appraiser's fiduciary roll is restricted to those third parties who the appraiser is aware of, based on the scope of work or other things in the framework of the order.
There are also ethical standards that have nothing to do with whom we share information. For example, appraisers must keep their work files for a minimum of five years - something else REVARI (Real Estate Valuation and Research Inc.) makes a part of their standard routine.
We meet or beat the industry standards and rules set in place for professional behavior. We can't accept anything less from ourselves. We never do assignments on contingency fees. That is, we are not able to agree to do an appraisal report and collect payment on the contingency of the loan closing. Another practice that's restricted is doing assignments on percentage fees. That is perhaps the appraisal industries biggest taboo, because it would tend to make appraisers increase the value of homes or properties to increase their paycheck. We don't do that. Other improper practices may be established by state law or professional organizations that the appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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 diligently follow these rules to the letter which means you can be at ease knowing we are working hard to objectively determine the home or property value.
When you engage REVARI (Real Estate Valuation and Research Inc.) we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.