For honest and ethical appraisals, trust Priority Appraisals

Appraising is typically a long term career. Requirements to become a licensed appraiser have become more difficult than ever before. So it goes without question in this day and age that real estate appraisal can definitely be considered a profession as opposed to a trade. In our field, as with any profession, we are bound by an ethical code.

We have a great deal of responsibilities as appraisers but above everything we answer to our clients. Typically, in residential practice, 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 an appraisal report, you generally have to get it from your lender. Other obligations also include, numerical accuracy depending on the assignment's nature, acquiring and keeping a respectable level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Priority Appraisals, we take these ethical responsibilities very seriously.

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 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.

There are also ethical duties that have nothing to do with clients and others. For example, appraisers must keep their work files for at least five years - at Priority Appraisals you can rest assured that we stick to that rule.

When creating reports, we follow the highest ethical standards possible. Doing assignments on contingency fees is not something we can consider That is, we don't agree to do an appraisal report and get paid only if the loan closes. We don't do assignments on percentage fees. That is probably the appraisal professions most important rule, because it would tend to make appraisers raise the value of homes or properties to increase their fee. We set ourselves to a higher standard. Other unprofessional practices may be defined by state law or professional organizations that the appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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 be at ease knowing we are working hard to provide an unbiased determination of the home or property value.

As soon as you engage Priority Appraisals 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.