Honesty and Integrity: REID E. CHOATE & ASSOCIATES, LLC
Appraising is a profession, and appraisers are professionals. 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 unquestionably be called a profession rather than a trade. In our field, as with any profession, we have a strict ethical code.
For an appraiser the chief responsibility is to their client. More often than not, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have rules and regulations they must follow, including keeping many matters private for their clients a homeowner, if you want a copy of an appraisal report, you should get it from your lender. Other obligations also include, numerical accuracy depending on the assignment's nature, acquiring and maintaining an adequate level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics and client confidentiality is standard operating procedure for us at REID E. CHOATE & ASSOCIATES, LLC.
REID E. CHOATE & ASSOCIATES, LLC has worked hard for its reputation for performing competent and ethically superior appraisals. Contact us today to learn more.
There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, such as homeowners, buyers and sellers, or others. Typically the third parties are clearly defined in the appraisal report. An appraiser's fiduciary responsibility is limited to those third parties who the appraiser is aware of, based on the scope of work or other written parameters of the job.
There are also ethical rules that have nothing to do with whom we share information. For example, appraisers must keep their work files for a minimum of five years - at REID E. CHOATE & ASSOCIATES, LLC you can rest assured that we adhere to that rule.
REID E. CHOATE & ASSOCIATES, LLC holds itself to the industry standards and rules set in place for professional behavior. We won't accept anything less from ourselves. Working on orders that contingency fees is not something we can consider That is, we don't agree to do an appraisal report and get paid only if the loan closes. Another practice that's restricted is doing assignments on percentage fees. That is perhaps the appraisal industries most important rule, 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 unprofessional 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 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," "the amount of a value opinion," as well as other situations. We diligently follow these rules to the letter which means you can be at ease knowing we are going above and beyond to provide an unbiased determination of the home or property value.
As soon as 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.