For honest and ethical appraisals, rely on Randolph Appraisals, Inc.
We think of our job as a profession. 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 certainly be considered a profession as opposed to a trade. In our field, as with any profession, we are bound by an ethical code.
As appraisers our main obligation is to their client. Generally, for a normal residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers are privy to a lot of information, and like an attorney can only discuss many matters with their client. As a homeowner, if you would like to review the appraisal document, you generally have to get it through your lender. Other responsibilities also include, accurate sums appropriate to the nature of the assignment, acquiring and sustaining a respectable level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Randolph Appraisals, Inc., we take these ethical responsibilities very to heart.
Randolph Appraisals, Inc. has an established track record for producing competent and ethically superior appraisals. To learn more Contact us
Appraisers will sometimes be obligated to consider the interests of third parties, including homeowners, both sellers and buyers, or others. Normally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary duty is restricted to those parties who the appraiser knows, based on the scope of work or other written parameters of the job.
There are also ethical standards that have nothing to do with whom we share information. For example, appraisers must backup their work files for a minimum of five years - something else Randolph Appraisals, Inc. diligently adheres to.
We meet or beat the industry standards and mandates set in place for ethics. We won't accept anything less from ourselves. Doing assignments on contingency fees is never an option. That is, we can't agree to do an appraisal report and get paid only if the loan closes. We can't do 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 raise the their paycheck. We don't do that. Other unethical practices may be defined by state law or professional organizations to which an appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also defines unethical behavior 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 diligently follow these rules to the letter which means you can be assured we are going above and beyond to objectively determine the home or property value.
As soon as you request an appraisal from Randolph Appraisals, Inc. we'll make sure you're getting the professional service you expect along with the an ethical approach with appraisals that we're known for.