For honest and ethical appraisals, count on REID E. CHOATE & ASSOCIATES, LLC
We think of our job as a profession. The rigors of becoming 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 dubbed a profession rather than a trade. As with any profession we are bound by ethical considerations.
An appraiser's primary responsibility is to their client.
Normally, for a typical residential appraisal, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
Certain matters pertaining to an assignment are to be shared with the appraiser's client. So, as
a homeowner, if you would like to review an appraisal report, you generally have to obtain it from your lender and not the appraiser.
Other obligations include numerical accuracy depending on the scope of the assignment, acquiring and keeping a respectable level of competency and education, and naturally, the appraiser must bear a professional demeanor. Here at REID E. CHOATE & ASSOCIATES, LLC, we take these ethical responsibilities very to heart.
Appraisers may frequently have fiduciary responsibilities to third parties, including homeowners, both buyers and sellers, or others. Typically the third parties are specifically defined in the appraisal report. An appraiser's fiduciary duty is only to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the order.
||REID E. CHOATE & ASSOCIATES, LLC has worked hard for its track record for providing competent and ethically superior appraisals. To learn more, contact us.
There are also ethical standards that have nothing to do with whom we share information. For example, appraisers must be able to produce their work files for at least five years - something else REID E. CHOATE & ASSOCIATES, LLC takes very seriously.
REID E. CHOATE & ASSOCIATES, LLC holds itself to the industry standards and mandates set in place for ethics. We can't accept anything less from ourselves.
Accepting assignments where our fee is dependent on our value conclusion is never an option.
That means we are not able to agree to do an appraisal report and collect the fee only if the loan closes.
Anyone should be able to see that inflating a value to achieve a bigger paycheck is unethical!
We set ourselves to a higher standard.
Finally, the Uniform Standards of Professional Appraisal Practice (or simply "USPAP") clearly 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", or "the amount of a value opinion" in addition to other situations We follow these rules to the letter which means you can rest easy knowing we are working hard to objectively determine the home or property value.
With REID E. CHOATE & ASSOCIATES, LLC, you won't have any doubts that you're getting 100 percent ethical, honest service.