Honesty and Integrity: BB Appraisals, LLC.
Appraising 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 in this day and age that real estate appraisal can unquestionably be considered a profession as opposed to a trade. In our field, as with any profession, we must follow strict ethical considerations.
We have many responsibilities as appraisers but above everything we answer to our clients. Most of the time, for a normal residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers are required to only disclosing information to their clients, and as a homeowner, if you require to review an appraisal report, you normally have to request it from your lender. Other obligations also include, accurate sums appropriate to the scope of the assignment, reaching and sustaining an adequate level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics and client confidentiality is standard operating procedure for us at BB Appraisals, LLC..
BB Appraisals, LLC. has an established track record for completing appraisals with the highest of ethics. Contact us today to learn more.
Appraisers can 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 roll is restricted to those parties who the appraiser knows, based on the scope of work or other things in the framework of the order.
There are also ethical duties that have nothing to do with whom we share information. For example, appraisers must backup their work files for at least five years - something else BB Appraisals, LLC. makes a part of their standard routine.
BB Appraisals, LLC. holds itself to the industry standards and guidelines set in place for ethics. We can't accept anything less from ourselves. We never do assignments on contingency fees. That is, we don'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 perhaps 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 established by state law or professional societies to which an appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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," as well as other situations. We diligently follow these rules to the letter which means you can rest easy knowing we are doing everything we can to objectively determine the home or property value.
When you engage BB Appraisals, LLC. 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.