Honesty and Integrity: REID E. CHOATE & ASSOCIATES, LLC
Appraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have become more difficult than ever in the past. That's why it goes without question in this day and age that real estate appraisal can definitely be considered a profession rather than a trade. In our field, as with any profession, we must follow strict ethical considerations.
As appraisers our main obligation is to his or her client. Normally, for a standard residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you would like to review an appraisal report, you should obtain it through your lender. Other responsibilities also include, numerical accuracy depending on the assignment's nature, attaining and sustaining a certain level of competency and education, and of course, the appraiser must behave in a professional manner. Here at REID E. CHOATE & ASSOCIATES, LLC, we take these ethical responsibilities very seriously.
REID E. CHOATE & ASSOCIATES, LLC has an established reputation for producing competent and ethically superior appraisals. To learn more Contact us
Appraisers may also have fiduciary obligations to third parties, such as homeowners, buyers and sellers, or others. Those third parties normally are spelled out in scope of the appraisal assignment itself. An appraiser's fiduciary responsibility is restricted to those third parties who the appraiser knows, based on the scope of work or other written parameters of the assignment.
There are also ethical rules that have nothing to do with clients and others. For example, appraisers must backup their work files for a minimum of five years - at REID E. CHOATE & ASSOCIATES, LLC you can rest assured that we abide by that rule.
We demand the highest ethical standards possible from ourselves. Working on orders that contingency fees is never an option. That is, we are not able to agree to do an appraisal report and collect the fee only if the loan closes. We can't do assignments on percentage fees. That is probably the appraisal professions biggest taboo, because it would tend to make appraisers raise the value of homes or properties to increase their fee. We set ourselves to a higher standard. Other unethical practices may be established by state law or professional societies that the appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also states 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," in addition to other situations We diligently follow these rules to the letter which means you can be at ease knowing we are doing everything we can to provide an unbiased determination of the home or property value.
With REID E. CHOATE & ASSOCIATES, LLC, you won't have any doubts that you're receiving 100 percent ethical, honest service.