Honesty and Integrity: Daniel Todd Appraisal Services, LLC
Appraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have increased more than ever in the past. That's why it goes without question in this day and age that real estate appraisal can definitely be dubbed a profession rather than a trade. In our field, as with any profession, we must follow strict ethical considerations.
We have many obligations as appraisers but above everything we answer to our clients. Typically, for a regular residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers are required to only disclosing information to their clients, and as a homeowner, if you would like a copy of the appraisal document, you generally have to get it through your lender. Other responsibilities also include, numerical accuracy depending on the assignment parameters, acquiring and maintaining a particular level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Daniel Todd Appraisal Services, LLC, we take these ethical responsibilities very seriously.
Daniel Todd Appraisal Services, LLC has worked hard for its track record for producing appraisals with the highest of ethics. Contact us today to learn more.
Appraisers can often have fiduciary obligations to third parties, including homeowners, both sellers and buyers, or others. Those third parties normally are listed in scope of the appraisal assignment itself. An appraiser's fiduciary roll is restricted to those parties who the appraiser knows, based on the scope of work or other written parameters of the assignment.
There are also ethical standards that have nothing to do with whom we share information. For example, appraisers must store their work files for a minimum of five years - something else Daniel Todd Appraisal Services, LLC takes very seriously.
We demand the highest professional integrity possible from ourselves. 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. Another practice that's restricted is doing assignments on percentage fees. That is probably the appraisal professions biggest no-no, because it would invite appraisal fraud since raising the value of the home would up the their paycheck. We set ourselves to a higher standard. Other improper practices may be defined by state law or professional societies that the appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also 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," "the amount of a value opinion," as well as other situations. We follow these rules to the letter which means you can be at ease knowing we are doing everything we can to objectively determine the home or property value.
As soon as you engage Daniel Todd Appraisal Services, LLC we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.