For honest and ethical appraisals, rely on REID E. CHOATE & ASSOCIATES, LLC
Appraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have increased more than ever before. So it goes without question these days that real estate appraisal can unquestionably be considered a profession rather than a trade. As with any profession we are bound by an ethical code.
We have a great deal of obligations as appraisers but our primary duty is to our clients. Typically, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers have rules and regulations they must follow, including keeping many matters private for their clients a homeowner, if you desire to review the appraisal document, you should obtain it through your lender. Other obligations also include, numerical accuracy depending on the scope of the assignment, acquiring and maintaining a respectable level of competency and education, and the appraiser must conduct him or herself as a professional. Maintaining high ethics is standard operating procedure for us at REID E. CHOATE & ASSOCIATES, LLC.
REID E. CHOATE & ASSOCIATES, LLC has worked hard for its track record for performing competent and ethically superior appraisals. To learn more Contact us
Appraisers will often be obligated to consider the interests of third parties, such as homeowners, both buyers and sellers, or others. Typically the third parties are clearly defined in the appraisal report. An appraiser's fiduciary duty is restricted to those third 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 with whom we share information For example, appraisers must backup their work files for at least five years - something else REID E. CHOATE & ASSOCIATES, LLC makes a part of their standard routine.
We demand the highest ethical standards possible from ourselves. We have a responsibility not to 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 most important rule, because it would invite fraudulent practices since raising the value of the home would increase the fee. We don't do that. Other improper practices may be defined by state law or professional societies to which an 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," in addition to other situations We follow these rules to the letter which means you can rest easy knowing we are working hard to provide an unbiased determination of the home or property value.
When you engage 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.