Legacy Appraisal Services, Inc. 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. That's why 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 have a strict ethical code.
We have quite a few responsibilities as appraisers but our primary duty is to our clients. Typically, for a standard residential appraisal, the appraiser's client is the lender ordering the appraisal. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you require to obtain a copy of the appraisal document, you should request it from your lender. Other responsibilities also include, numerical accuracy depending on the assignment parameters, reaching and keeping an adequate level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Legacy Appraisal Services, Inc., we take these ethical responsibilities very to heart.
Legacy Appraisal Services, Inc. has an established track record for performing appraisals with the highest of ethics. To learn more Contact us
Appraisers may often have fiduciary responsibilities to third parties, including homeowners, both buyers and sellers, or others. Those third parties normally are listed in the appraisal assignment itself. An appraiser's fiduciary responsibility is only to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the order.
There are also ethical duties that have nothing to do with whom we share information. For example, appraisers must backup their work files for at least five years - something else Legacy Appraisal Services, Inc. makes a part of their standard routine.
We require the highest ethical standards possible from ourselves. Doing orders on contingency fees is not something we can consider That is, we don't agree to do an appraisal report and collect the fee only if the loan closes. Another practice that's restricted is doing assignments on percentage fees. That is probably the appraisal industries most important rule, because it would invite appraisal fraud since increasing the estimate of the home would inflate the their paycheck. We set ourselves to a higher standard. Other unprofessional 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 the acceptance 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 rest easy knowing we are going above and beyond to objectively determine the home or property value.
With Legacy Appraisal Services, Inc., you can be assured of 100 percent ethical, honest service.