For honest and ethical appraisals, trust Daniel Todd Appraisal Services, LLC
We consider our what we do a profession. The rigors of becoming a licensed appraiser have increased more than ever before. So it goes without question these days that real estate appraisal can unquestionably 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 lot of responsibilities as appraisers but our chief duty is to our clients. Typically, for a standard residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have certain duties of privacy to their clients, and as a homeowner, if you desire a copy of an appraisal report, you should get it from your lender. Other responsibilities also include, numerical accuracy depending on the assignment's nature, acquiring and sustaining a particular level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Daniel Todd Appraisal Services, LLC, we take these ethical responsibilities very seriously.
Daniel Todd Appraisal Services, LLC has an established reputation for completing appraisals with the highest of ethics. Contact us today to learn more.
Appraisers can also have fiduciary responsibilities to third parties, including homeowners, both buyers and sellers, or others. Those third parties normally are defined in the appraisal assignment itself. An appraiser's fiduciary duty is limited to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the assignment.
Appraisers also have standards outside of boundaries of clients and others. For example, appraisers must store their work files for a minimum of five years - at Daniel Todd Appraisal Services, LLC you can rest assured that we adhere to that rule.
Daniel Todd Appraisal Services, LLC holds itself to the industry standards and mandates set in place for ethics. We won't accept anything less from ourselves. Doing orders on contingency fees is never an option. That is, we are not able to 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 biggest no-no, because it would tend to make appraisers raise the value of homes or properties to increase their paycheck. We don't do that. Other improper practices may be defined by state law or professional societies to which an appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also defines unethical behavior 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," as well as other situations. We follow these rules to the letter which means you can be confident we are going above and beyond to provide an unbiased determination of the home or property value.
When 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.