Integrated Assets upholds the highest professional ethics
We think of our business as a profession. Requirements to become a licensed appraiser have become more difficult than ever before. That's why it goes without question in this day and age that real estate appraisal can unquestionably be called a profession rather than a trade. In our field, as with any profession, we are bound by an ethical code.
We have a lot of obligations as appraisers but our primary duty is to our clients. Normally, for a typical residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers have rules and regulations they must follow, including confidentiality for their clients a homeowner, if you would like to obtain a copy of the appraisal document, you generally have to get it through your lender. Other obligations also include, numerical accuracy depending on the assignment's nature, acquiring and keeping an adequate level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Integrated Assets, we take these ethical responsibilities very seriously.
Integrated Assets has an established reputation for producing appraisals with the highest of ethics. Contact us today to learn more.
Appraisers can often have fiduciary obligations to third parties, such as homeowners, both sellers and buyers, or others. Those third parties normally are defined in 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 job.
Appraisers also have duties outside of boundaries of clients and others. For example, appraisers must backup their work files for at least five years - something else Integrated Assets takes very seriously.
When creating reports, we follow the highest ethical standards possible. Doing orders on 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 industries most important rule, because it would invite fraudulent practices since raising the estimate of the home would inflate the their paycheck. We don't do that. Other unethical practices may be established by state law or professional societies that the 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," in addition to other situations We follow these rules to the letter which means you can be at ease knowing we are working hard to objectively determine the home or property value.
When you engage Integrated Assets 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.