LHC Appraisals maintains the highest professional ethics
We consider our what we do a profession. 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 ethical considerations.
We have a lot of responsibilities as appraisers but our primary duty is to our clients. Typically, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. 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 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 LHC Appraisals, we take these ethical responsibilities very to heart.
LHC Appraisals has worked hard for its track record for producing competent and ethically superior appraisals. Contact us today to learn more.
Appraisers will often be required to consider the interests of third parties, including homeowners, both buyers and sellers, or others. Those third parties normally are listed in the appraisal assignment itself. An appraiser's fiduciary responsibility is restricted to those third parties who the appraiser is aware of, based on the scope of work or other written parameters of the job.
Appraisers also have standards outside of boundaries of with whom we share information For example, appraisers must keep their work files for at least five years - at LHC Appraisals you can rest assured that we stick to that rule.
We meet or beat the industry standards and rules set in place for professional behavior. We refuse to accept anything less from ourselves. We don't do assignments on contingency fees. That is, we are not able to agree to do an appraisal report and collect payment on the contingency of the loan closing. We don't do assignments on percentage fees. That is probably the appraisal professions biggest no-no, because it would tend to make appraisers increase the value of homes or properties to increase their fee. We don't do that. Other unethical 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 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 rest easy knowing we are going above and beyond to provide an unbiased determination of the home or property value.
With LHC Appraisals, you can be assured of 100 percent ethical, honest service.