For honest and ethical appraisals, count on Compass Appraisal Management
We think of our job as a profession. Requirements to become a licensed appraiser have become more difficult than ever before. So it goes without question in this day and age that real estate appraisal can unquestionably be called a profession as opposed to a trade. In our field, as with any profession, we are bound by an ethical code.
We have many responsibilities as appraisers but first and foremost we answer to our clients. Generally, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers have rules and regulations they must follow, including keeping many matters private for their clients a homeowner, if you desire to obtain a copy of the appraisal document, you generally have to obtain it from your lender. Other obligations also include, numerical accuracy depending on the assignment parameters, reaching and keeping a certain level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Compass Appraisal Management, we take these ethical responsibilities very to heart.
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Appraisers may 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 responsibility is only 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 duties outside of boundaries of clients and others. For example, appraisers must be able to produce their work files for at least five years - at Compass Appraisal Management you can rest assured that we stick to that rule.
We meet or beat the industry standards and guidelines set in place for ethics. We won't accept anything less from ourselves. Working on orders that contingency fees is never an option. That is, we don'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 most important rule, because it would tend to make appraisers increase the value of homes or properties to increase their paycheck. We set ourselves to a higher standard. Other unethical practices may be defined by state law or professional societies that the appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also states 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," in addition to other situations We 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.
With Compass Appraisal Management, you won't have any doubts that you're receiving 100 percent ethical, honest service.