Polaris Real Estate & Appraisal, Inc. maintains the highest professional ethics
Generally, appraising a long term career. The rigors of becoming a licensed appraiser have increased more than ever before. That's why it goes without question these days that real estate appraisal can definitely be called 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. 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 generally have to get it through your lender. Other responsibilities also include, accurate figures appropriate to the scope of the report, reaching and sustaining an adequate level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Polaris Real Estate & Appraisal, Inc., we take these ethical responsibilities very seriously.
Polaris Real Estate & Appraisal, Inc. has worked hard for its reputation for performing competent and ethically superior appraisals. Contact us today to learn more.
Appraisers will frequently be required to consider the interests of third parties, such as homeowners, sellers and buyers, or others. Those third parties normally are spelled out in scope of the appraisal assignment itself. An appraiser's fiduciary duty is only 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 rules that have nothing to do with clients and others. For example, appraisers must store their work files for at least five years - something else Polaris Real Estate & Appraisal, Inc. diligently adheres to.
When creating reports, we follow the highest ethical standards possible. We never do assignments on contingency fees. That is, we can't agree to do an appraisal report and collect payment on the contingency of the loan closing. We don't do assignments on percentage fees. That is perhaps the appraisal industries biggest taboo, because it would invite fraudulent practices since increasing the value of the home would increase the their paycheck. We set ourselves to a higher standard. Other improper practices may be established by state law or professional societies that the appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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," "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 going above and beyond to provide an unbiased determination of the home or property value.
As soon as you engage Polaris Real Estate & Appraisal, Inc. we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.