Honesty and Integrity: Legacy Appraisal Services, Inc.
We consider our our job a profession. Requirements to become a licensed appraiser have become more difficult than ever before. That's why it goes without question these days that real estate appraisal can definitely be called a profession rather than a trade. As with any profession we have a strict ethical code.
We have many obligations as appraisers but our chief duty is to our clients. Generally, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers are privy to a lot of information, and like an attorney can only discuss many matters with their client. As a homeowner, if you desire to obtain a copy of the appraisal document, you generally have to get it from your lender. Other responsibilities also include, accurate figures appropriate to the nature of the report, acquiring and sustaining an appropriate level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Legacy Appraisal Services, Inc., we take these ethical responsibilities very to heart.
Legacy Appraisal Services, Inc. has worked hard for its reputation for completing competent and ethically superior appraisals. To learn more Contact us
There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, including homeowners, buyers and sellers, or others. Typically the third parties are specifically defined in the appraisal report. An appraiser's fiduciary responsibility is only to those third parties who the appraiser knows, based on the scope of work or other written parameters of the order.
There are also ethical duties that have nothing to do with clients and others. For example, appraisers must store their work files for at least five years - something else Legacy Appraisal Services, Inc. takes very seriously.
We meet or beat the industry standards and mandates set in place for professional behavior. We can't accept anything less 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 payment on the contingency of the loan closing. We can't do assignments on percentage fees. That is probably the appraisal professions most important rule, because it would tend to make appraisers raise the value of homes or properties to increase their paycheck. We set ourselves to a higher standard. Other improper practices may be defined 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," as well as other situations. We 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 request an appraisal from Legacy Appraisal Services, Inc. we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.