Honesty and Integrity: Moab Appraisal Inc.
Appraising is generally a long term career. The rigors of becoming a licensed appraiser have become more difficult than ever before. That's why it goes without question in this day and age that real estate appraisal can definitely be dubbed a profession as opposed to a trade. In our field, as with any profession, we must follow strict ethical considerations.
We have quite a few obligations as appraisers but our main duty is to our clients. More often than not, 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 desire to review an appraisal report, you generally have to request it from your lender. Other responsibilities also include, numerical accuracy depending on the assignment parameters, attaining and maintaining a particular level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Moab Appraisal Inc., we take these ethical responsibilities very seriously.
Moab Appraisal Inc. has worked hard for its track record for completing competent and ethically superior appraisals. Contact us today to learn more.
Appraisers may also have fiduciary obligations to third parties, such as homeowners, buyers and sellers, or others. Those third parties normally are defined in the appraisal assignment itself. An appraiser's fiduciary responsibility is restricted to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the order.
There are also ethical standards that have nothing to do with clients and others. For example, appraisers must keep their work files for a minimum of five years - at Moab Appraisal Inc. you can rest assured that we stick to that rule.
We meet or beat the industry standards and guidelines set in place for ethics. We refuse to accept anything less from ourselves. Working on assignments that contingency fees is not something we can consider That is, we are not able to agree to do an appraisal report and get paid only if the loan closes. Another practice that's restricted is doing assignments on percentage fees. That is probably the appraisal industries most important rule, because it would tend to make appraisers increase the value of homes or properties to increase their paycheck. We don't do that. Other unprofessional practices may be defined by state law or professional organizations to which an 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 follow these rules to the letter which means you can be confident we are going above and beyond to objectively determine the home or property value.
As soon as you engage Moab Appraisal 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.