 Honesty and Integrity: Mark Neal Real Estate AppraisalsAppraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have increased more than ever before. That's why it goes without question these days that real estate appraisal can unquestionably be considered a profession rather than a trade. In our field, as with any profession, we have a strict ethical code.
An appraiser's chief responsibility is to their client.
Typically, in residential practice, the appraiser's client is the lender ordering the appraisal, and often the appraisal is ordered by a third party the lender has contracted in order to maintain independence.
Appraisers are typically restricted to only disclosing information to their clients, so as
a homeowner, if you desire to review an appraisal report, you generally should request it via your lender instead of the appraiser.
In some cases appraisers will have fiduciary responsibilities to third parties, such as homeowners, buyers and sellers, or others. Normally the third parties are specifically defined in the appraisal report. An appraiser's fiduciary responsibility is limited to those parties who the appraiser knows, based on the scope of work or other things in the framework of the assignment.
Appraisers also have duties outside of boundaries of with whom we share information For example, appraisers must store their work files for at least five years - something else Mark Neal Real Estate Appraisals makes a part of their standard routine. We only perform to the highest ethical standards possible. Doing orders based on contingency fees is never an option. That means we can't agree to do an appraisal report and collect the fee only if the loan closes. There's certainly a conflict of interest if an appraiser can report a greater value with the reward of getting paid more money! We just don't do it. Finally, the Uniform Standards of Professional Appraisal Practice (or simply "USPAP") also states a violation in ethics 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", or "the amount of a value opinion" in addition to other situations We diligently follow these rules to the letter which means you can rest easy knowing we are working hard to provide an unbiased determination of the home or property value. When you order an appraisal from Mark Neal Real Estate Appraisals, we'll make sure you're getting the professional service you deserve along with the honesty and integrity we're known for. |
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