Honesty and Integrity: Crest Appraisal Services
Appraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have increased more than ever in the past. So it goes without question these days that real estate appraisal can unquestionably be called a profession rather than a trade. As with any profession we are bound by an ethical code.
The appraiser's main responsibility is to their client. Typically, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have rules and regulations they must follow, including confidentiality for their clients a homeowner, if you desire a copy of the appraisal document, you should get it through your lender. Other obligations also include, accurate figures appropriate to the parameters of the assignment, acquiring and maintaining a particular level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics is standard operating procedure for us at Crest Appraisal Services.
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Appraisers may also have fiduciary responsibilities to third parties, including homeowners, sellers and buyers, or others. Normally the third parties are specifically defined in the appraisal report. An appraiser's fiduciary responsibility is restricted to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the order.
Appraisers also have duties outside of boundaries of with whom we share information For example, appraisers must backup their work files for a minimum of five years - something else Crest Appraisal Services diligently adheres to.
Crest Appraisal Services holds itself to the industry standards and rules set in place for ethics. We can't accept anything less from ourselves. Working on orders that 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. Another practice that's restricted is doing assignments on percentage fees. That is probably the appraisal industries most important rule, because it would invite appraisal fraud since raising the value of the home would increase the fee. We set ourselves to a higher standard. Other unprofessional practices may be established by state law or professional organizations to which an appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also states 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," as well as other situations. We follow these rules to the letter which means you can be at ease knowing we are going above and beyond to objectively determine the home or property value.
With Crest Appraisal Services, you won't have any doubts that you're receiving 100 percent ethical, honest service.