Austad Appraisals maintains the highest professional ethics
We consider our our job a profession. The rigors of becoming a licensed appraiser have increased more than ever in the past. That's why it goes without question in this day and age that real estate appraisal can unquestionably be dubbed a profession rather than a trade. In our field, as with any profession, we must follow strict ethical considerations.
We have a great deal of responsibilities as appraisers but our primary duty is to our clients. Normally, for a normal residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers have rules and regulations they must follow, including keeping many matters private for their clients a homeowner, if you desire to obtain a copy of the appraisal document, you generally have to get it from your lender. Other responsibilities also include, numerical accuracy depending on the assignment parameters, reaching and sustaining a respectable level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Austad Appraisals, we take these ethical responsibilities very seriously.
Austad Appraisals has worked hard for its reputation for producing competent and ethically superior appraisals. Contact us today to learn more.
Appraisers can also have fiduciary obligations to third parties, such as homeowners, both sellers and buyers, or others. Those third parties normally are listed in scope of the appraisal assignment itself. An appraiser's fiduciary roll is limited to those third parties who the appraiser knows, based on the scope of work or other written parameters of the assignment.
Appraisers also have rules outside of boundaries of clients and others. For example, appraisers must backup their work files for at least five years - something else Austad Appraisals takes very seriously.
We meet or beat the industry standards and guidelines set in place for ethics. We refuse to accept anything less 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. We don't do 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 set ourselves to a higher standard. Other unprofessional practices may be established by state law or professional organizations that the appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also states 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," "the amount of a value opinion," in addition to other situations We follow these rules to the letter which means you can be confident we are working hard to objectively determine the home or property value.
When you engage Austad Appraisals 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.