Honesty and Integrity: New York Appraisers
We think of our job as a profession. The rigors of becoming a licensed appraiser have increased more than ever before. So it goes without question in this day and age that real estate appraisal can unquestionably be considered a profession as opposed to a trade. In our field, as with any profession, we are bound by ethical considerations.
We have many responsibilities as appraisers, but first and foremost we answer to our clients. Generally, for a regular residential appraisal, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser’s client. Appraisers have certain duties of privacy to their clients, plus many rules and regulations to which we must adhere. So, as a homeowner, if you want to obtain a copy of an appraisal report, you normally have to get it via your lender and not the appraiser.
Other responsibilities include accurate calculations appropriate to the parameters of the assignment, acquiring and maintaining a particular level of competency and education, and the appraiser must conduct him or herself as a professional. Here at New York Appraisers, we take these ethical responsibilities very to heart.
Appraisers will sometimes be required to consider the interests of third parties, including homeowners, buyers and sellers, or others. Those third parties normally are defined in scope of the appraisal assignment itself. An appraiser’s fiduciary responsibility is limited to those third parties who the appraiser knows, based on the scope of work or other written parameters of the assignment.
New York Appraisers has an established reputation for providing appraisals with the highest of ethics. Contact Us today to learn more.
There are also ethical rules that have nothing to do with clients and others. For example, appraisers must be able to produce their work files for at least five years – something else New York Appraisers makes a part of their standard routine.
We only perform to the highest ethical standards possible. Doing assignments where our fee is dependent on our value conclusion is not something we can consider. That is, we don’t agree to do an appraisal report and collect payment on the contingency of the loan closing. Anyone should be able to see that fabricating a property’s value to achieve essentially a bigger paycheck is unethical!
Finally, the Uniform Standards of Professional Appraisal Practice explicitly 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 diligently follow these rules to the letter which means you can be confident we are working hard to get you an accurate home or property value.
With New York Appraisers, you can be assured of 100 percent ethical, professional service.