Honesty and Integrity: Elite Appraisal GroupAppraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have become more difficult than ever in the past. So it goes without question these days that real estate appraisal can definitely be dubbed a profession as opposed to a trade. In our field, as with any profession, we have a strict ethical code.
The appraiser's chief obligation is to their client.
Typically, for a normal residential appraisal, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
Subsequently, appraisers are typically restricted to only disclosing information to their clients, so as
a homeowner, if you would like a copy of an appraisal report, you normally have to get it from your lender and not the appraiser.
Appraisers can also have fiduciary responsibilities to third parties, including homeowners, sellers and buyers, or others. Those third parties normally are listed in scope of the appraisal assignment itself. An appraiser's fiduciary role is limited to those parties who the appraiser is aware of, based on the scope of work or other things in the framework of the job.
There are also ethical standards that have nothing to do with clients and others. For example, appraisers must keep their work files for a minimum of five years - at Elite Appraisal Group you can rest assured that we adhere to that rule.
Elite Appraisal Group holds itself to the industry standards and mandates set in place for ethics. We won't accept anything less from ourselves. Accepting orders based on contingency fees is never an option. That is, we can't agree to do an appraisal report and collect the fee only if the loan closes. It should be apparent to anyone that fabricating a home's value to achieve a higher paycheck is unethical! This isn't how we operate.
Finally, the Uniform Standards of Professional Appraisal Practice (or simply "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", or "the amount of a value opinion" as well as other situations. We follow these rules to the letter which means you can rest easy knowing we are working hard to get you an accurate home or property value.
As soon as you engage Elite Appraisal Group, we'll make sure you're getting the professional service you expect along with the honesty and integrity we're known for.