Appraisal Life, LLC upholds the utmost professional ethicsAppraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have increased more than ever before. So it goes without question in this day and age that real estate appraisal can certainly be dubbed a profession as opposed to a trade. In our field, as with any profession, we must follow strict ethical considerations.
We have a great deal of obligations as appraisers, but our main duty is to our clients.
Typically, for a regular residential appraisal, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
It's important to know that certain elements pertaining to an assignment are to be discussed exclusively with the appraiser's client. As
a homeowner, if you want to obtain a copy of the appraisal document, you normally have to obtain it via your lender.
Appraisers may regularly have fiduciary obligations to third parties, such as homeowners, buyers and sellers, or others. Normally the third parties are specifically defined in the appraisal report. An appraiser's fiduciary responsibility is limited 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 store their work files for at least five years - at Appraisal Life, LLC you can rest assured that we abide by that rule.
While busy with an order, we follow the highest ethical standards possible. Accepting assignments where our fee is dependent on our value conclusion is not something we can consider. That means we don't agree to do an appraisal report and base our pay upon coming up with a particular value conclusion. There's certainly a conflict of interest if an appraiser can report a larger value and then get paid more money! We set ourselves to a higher standard.
Finally, the Uniform Standards of Professional Appraisal Practice clearly 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", or "the amount of a value opinion" in addition to other situations We diligently follow these rules to the letter which means you can be at ease knowing we are going above and beyond to provide an unbiased determination of the home or property value.
With Appraisal Life, LLC, you can be assured of 100 percent ethical, honest service.