Honesty and Integrity: Bowers Real Estate & Appraisal Services
Appraising is, by and large, a long term career. Requirements to become a licensed appraiser have become more difficult than ever in the past. So it goes without question in this day and age that real estate appraisal can definitely be dubbed a profession as opposed to a trade. As with any profession we are bound by an ethical code.
We have a lot of obligations as appraisers but our main duty is to our clients. Typically, for a standard residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers are required to only disclosing information to their clients, and as a homeowner, if you want a copy of the appraisal document, you generally have to obtain it from your lender. Other responsibilities also include, numerical accuracy depending on the scope of the assignment, acquiring and sustaining a particular level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Bowers Real Estate & Appraisal Services, we take these ethical responsibilities very to heart.
Bowers Real Estate & Appraisal Services has worked hard for its track record for producing appraisals with the highest of ethics. Contact us today to learn more.
Appraisers will frequently need to consider the interests of third parties, such as homeowners, buyers and sellers, or others. Generally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary roll is only to those parties who the appraiser knows, based on the scope of work or other written parameters of the assignment.
There are also ethical standards that have nothing to do with whom we share information. For example, appraisers must store their work files for a minimum of five years - at Bowers Real Estate & Appraisal Services you can rest assured that we abide by that rule.
We require the highest professional integrity possible from ourselves. We have a responsibility not to do assignments on contingency fees. That is, we can't 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 probably the appraisal industries biggest no-no, because it would tend to make appraisers increase the value of homes or properties to increase their fee. We don't do that. Other unethical practices may be defined by state law or professional organizations that the appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (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," "the amount of a value opinion," in addition to other situations We 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 request an appraisal from Bowers Real Estate & Appraisal Services we'll make sure you're getting the professional service you expect along with the an ethical approach with appraisals that we're known for.