Morrision Singleton upholds the utmost professional ethicsAppraising is, by and large, a long term career. Requirements to become a licensed appraiser have increased more than ever in the past. So it goes without question these days that real estate appraisal can definitely be called a profession rather than a trade. As with any profession we must follow strict ethical considerations.
The appraiser's main responsibility is to their client.
Most of the time, for a standard residential appraisal, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
It follows that appraisers are privy to a lot of information, and like an attorney, can only discuss many of these matters with their client. As
a homeowner, if you would like a copy of the appraisal document, you normally should obtain it via your lender.
In some cases appraisers will have fiduciary responsibilities to third parties, including homeowners, both buyers and sellers, or others. Those third parties normally are defined in scope of the appraisal assignment itself. An appraiser's fiduciary role is only to those parties who the appraiser is aware of, based on the scope of work or other things in the framework of the order.
Appraisers also have duties outside of boundaries of clients and others. For example, appraisers must store their work files for at least five years - something else Morrision Singleton makes a part of their standard routine.
We require the highest professional integrity possible from ourselves. Working on orders based on contingency fees is not something we can consider. 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!
Finally, the Uniform Standards of Professional Appraisal Practice (or simply "USPAP") clearly 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", or "the amount of a value opinion" as well as other situations. We diligently follow these rules to the letter which means you can be confident we are working hard to provide an unbiased determination of the home or property value.
With Morrision Singleton, you won't have any doubts that you're receiving 100 percent ethical, professional service.