Phoenix Valuations, LLC upholds the utmost professional ethics
Appraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have become more difficult than ever before. So it goes without question these days that real estate appraisal can definitely be called a profession rather than a trade. In our field, as with any profession, we must follow strict ethical considerations.
An appraiser's chief responsibility is to their client. Typically, for a normal residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers are required to only disclosing information to their clients, and as a homeowner, if you want to obtain a copy of an appraisal report, you should obtain it from your lender. Other obligations also include, accurate calculations appropriate to the parameters of the assignment, acquiring and maintaining a certain level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics and client confidentiality is is what we do everyday at Phoenix Valuations, LLC.
Phoenix Valuations, LLC has worked hard for its reputation for producing competent and ethically superior appraisals. To learn more Contact us
Appraisers can regularly have fiduciary obligations to third parties, including homeowners, both sellers and buyers, or others. Those third parties normally are defined in the appraisal assignment itself. An appraiser's fiduciary duty is only to those parties who the appraiser knows, based on the scope of work or other things in the framework of the job.
Appraisers also have rules outside of boundaries of clients and others. For example, appraisers must backup their work files for a minimum of five years - something else Phoenix Valuations, LLC makes a part of their standard routine.
We demand the highest ethical standards possible from ourselves. We never do assignments on contingency fees. That is, we don't 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 probably 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 unethical 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 diligently follow these rules to the letter which means you can be confident we are doing everything we can to objectively determine the home or property value.
When you engage Phoenix Valuations, LLC we'll make sure you're getting the professional service you expect along with the an ethical approach with appraisals that we're known for.