For honest and ethical appraisals, trust Morrision Singleton
Appraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have increased more than ever before. That's why it goes without question these days that real estate appraisal can certainly be considered a profession as opposed to a trade. As with any profession we are bound by ethical considerations.
For an appraiser the chief obligation is to their client. More often than not, for a standard residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have certain duties of privacy to their clients, and as a homeowner, if you desire a copy of the appraisal document, you should request it from your lender. Other responsibilities also include, numerical accuracy depending on the assignment parameters, acquiring and keeping an appropriate level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics is is what we do everyday at Morrision Singleton.
Morrision Singleton has an established track record for performing appraisals with the highest of ethics. Contact us today to learn more.
Appraisers will regularly be required to consider the interests of third parties, including homeowners, buyers and sellers, or others. Those third parties normally are listed in the appraisal assignment itself. An appraiser's fiduciary responsibility 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 job.
Appraisers also have duties outside of boundaries of with whom we share information For example, appraisers must be able to produce their work files for a minimum of five years - at Morrision Singleton you can rest assured that we abide by that rule.
We require the highest professional integrity possible from ourselves. We never do assignments on contingency fees. That is, we are not able to agree to do an appraisal report and collect the fee only if the loan closes. We don't do assignments on percentage fees. That is perhaps the appraisal professions biggest taboo, because it would tend to make appraisers increase the value of homes or properties to increase their fee. We set ourselves to a higher standard. Other improper practices may be established by state law or professional organizations that the appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also defines a violation in ethics 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," as well as other situations. We follow these rules to the letter which means you can be assured we are going above and beyond to objectively determine the home or property value.
As soon as you request an appraisal from Morrision Singleton we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.