REID E. CHOATE & ASSOCIATES, LLC maintains the highest professional ethics
We think of our job as a profession. The rigors of becoming a licensed appraiser have increased more than ever before. So it goes without question in this day and age that real estate appraisal can definitely be called a profession as opposed to a trade. In our field, as with any profession, we must follow strict ethical considerations.
We have a lot of responsibilities as appraisers but first and foremost we answer to our clients. Most of the time, for a normal residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers are privy to a lot of data, and like an attorney can only discuss many matters with their client. As a homeowner, if you require to review the appraisal document, you should get it through your lender. Other obligations also include, accurate calculations appropriate to the scope of the report, acquiring and sustaining a particular 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 track record for completing competent and ethically superior appraisals. 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 defined in the appraisal assignment itself. An appraiser's fiduciary duty is limited to those parties who the appraiser knows, based on the scope of work or other written parameters of the assignment.
Appraisers also have duties outside of boundaries of clients and others. For example, appraisers must keep their work files for at least five years - at REID E. CHOATE & ASSOCIATES, LLC you can rest assured that we adhere to that rule.
We meet or beat the industry standards and rules set in place for ethics. We can't 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 collect the fee only if the loan closes. Another practice that's restricted is doing assignments on percentage fees. That is probably the appraisal industries biggest no-no, because it would invite appraisal fraud since increasing the value of the home would raise the fee. We don't do that. Other unprofessional practices may be defined by state law or professional organizations that the appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also states unethical behavior 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 diligently follow these rules to the letter which means you can be assured we are working hard to provide an unbiased determination of the home or property value.
When you order an appraisal from REID E. CHOATE & ASSOCIATES, LLC we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.