Herrin Appraisal Company upholds the utmost professional ethics
Appraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have increased more than ever in the past. So it goes without question in this day and age that real estate appraisal can unquestionably be dubbed a profession as opposed to a trade. As with any profession we have a strict ethical code.
As appraisers our primary responsibility is to their client. Typically, 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 the appraisal document, you should request it through your lender. Other responsibilities also include, numerical accuracy depending on the scope of the assignment, acquiring and keeping a particular level of competency and education, and the appraiser must conduct him or herself as a professional. Maintaining high ethics and client confidentiality is is what we do everyday at Herrin Appraisal Company.
Herrin Appraisal Company has an established track record for producing competent and ethically superior appraisals. Contact us today to learn more.
Appraisers will frequently be obligated to consider the interests of third parties, including homeowners, buyers and sellers, or others. Typically the third parties are specifically defined in the appraisal report. An appraiser's fiduciary roll is only to those third parties who the appraiser is aware of, based on the scope of work or other things in the framework of the assignment.
There are also ethical duties that have nothing to do with whom we share information. For example, appraisers must be able to produce their work files for at least five years - something else Herrin Appraisal Company diligently adheres to.
Herrin Appraisal Company holds itself to the industry standards and guidelines set in place for professional behavior. We won't accept anything less from ourselves. Working on assignments that contingency fees is not something we can consider That is, we can't 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 up the value of homes or properties to increase their fee. We don't do that. Other unethical practices may be defined by state law or professional organizations to which an appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also states unethical behavior 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 diligently follow these rules to the letter which means you can be confident we are going above and beyond to provide an unbiased determination of the home or property value.
When you order an appraisal from Herrin Appraisal Company 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.
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