 Honesty and Integrity: Aurora Appraisal ServicesWe consider what we do as a profession. Requirements to become a licensed appraiser have become more difficult than ever before. That's why it goes without question these days that real estate appraisal can certainly be called a profession as opposed to a trade. As with any profession we are bound by an ethical code.
The appraiser's chief obligation is to their client.
Typically, in residential practice, the appraiser's client is the lender ordering the appraisal, and often the appraisal is ordered by a third party the lender has retained to maintain independence.
Certain elements pertaining to an assignment are to be discussed exclusively with the appraiser's client. As
a homeowner, if you desire a copy of an appraisal report, you generally have to obtain it via your lender.
Appraisers may sometimes have fiduciary obligations to third parties, including homeowners, both buyers and sellers, or others. Normally the third parties are clearly defined in the appraisal report. An appraiser's fiduciary duty is only to those parties who the appraiser knows, based on the scope of work or other things in the framework of the job.
There are also ethical rules that have nothing to do with clients and others. For example, appraisers must backup their work files for a minimum of five years - at Aurora Appraisal Services you can rest assured that we abide by that rule. Aurora Appraisal Services holds itself to the industry standards and rules set in place for professional behavior. We won't accept anything less from ourselves. Working on assignments where our fee is dependent on our value conclusion is not something we can consider. In other words, we don't agree to do an appraisal report and collect payment on the contingency of the loan closing. There's an obvious conflict of interest if an appraiser can report a larger value with the reward of getting paid more money! We set ourselves to a higher standard. Finally, the Uniform Standards of Professional Appraisal Practice clearly states a violation in ethics 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", or "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. As soon as you engage Aurora Appraisal Services, we'll make sure you're getting the professional service you deserve along with the honesty and integrity we're known for. |
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