For honest and ethical appraisals, count on Turneround Appraisals
We think of what we do as a profession. Requirements to become a licensed appraiser have increased more than ever in the past. 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.
We have many responsibilities as appraisers but first and foremost we answer to our clients. Typically, in residential practice, the appraiser's client is the lender ordering the appraisal. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you desire to review an appraisal report, you should get it through your lender. Other responsibilities also include, numerical accuracy depending on the assignment's nature, reaching and keeping an appropriate level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Turneround Appraisals, we take these ethical responsibilities very seriously.
Turneround Appraisals has an established reputation for performing appraisals with the highest of ethics. To learn more Contact us
Appraisers may also have fiduciary obligations to third parties, including homeowners, buyers and sellers, or others. Those third parties normally are defined in scope of the appraisal assignment itself. An appraiser's fiduciary responsibility is only to those parties who the appraiser knows, based on the scope of work or other things in the framework of the assignment.
There are also ethical standards that have nothing to do with clients and others. For example, appraisers must keep their work files for at least five years - at Turneround Appraisals you can rest assured that we stick to that rule.
Turneround Appraisals holds itself to the industry standards and mandates set in place for professional behavior. We won't accept anything less from ourselves. We never do assignments on contingency fees. That is, we can't agree to do an appraisal report and get paid only if the loan closes. We don't do assignments on percentage fees. That is perhaps the appraisal professions biggest no-no, because it would invite fraudulent practices since increasing the value of the home would increase the their paycheck. We don't do that. Other improper practices may be established by state law or professional societies to which an appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also states 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 follow these rules to the letter which means you can be assured we are doing everything we can to objectively determine the home or property value.
As soon as you engage Turneround Appraisals 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.