Honesty and Integrity: Phoenix Valuations, LLC
By and large, appraising a long term career. The rigors of becoming a licensed appraiser have increased more than ever in the past. That's why it goes without question in this day and age that real estate appraisal can definitely be dubbed a profession as opposed to a trade. In our field, as with any profession, we are bound by an ethical code.
The appraiser's main obligation is to their client. Typically, 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 require to obtain a copy of an appraisal report, you normally have to obtain it through your lender. Other obligations also include, numerical accuracy depending on the assignment parameters, attaining and sustaining an appropriate level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Phoenix Valuations, LLC, we take these ethical responsibilities very to heart.
Phoenix Valuations, LLC has an established reputation for performing competent and ethically superior appraisals. To learn more Contact us
There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, such as homeowners, buyers and sellers, or others. Those third parties normally are listed in scope of the appraisal assignment itself. 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.
Appraisers also have standards outside of boundaries of with whom we share information For example, appraisers must be able to produce their work files for at least five years - something else Phoenix Valuations, LLC takes very seriously.
While working on an assignment, we follow the highest ethical standards possible. We have a responsibility not to do assignments on contingency fees. That is, we can't agree to do an appraisal report and collect payment on the contingency of the loan closing. Another practice that's restricted is doing 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 paycheck. We set ourselves to a higher standard. Other unprofessional practices may be established 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 be at ease knowing 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.