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For honest and ethical appraisals, rely on Gary F. Scott, LLCWe consider what we do as a profession. Requirements to become a licensed appraiser have increased more than ever before. That's why it goes without question these days that real estate appraisal can unquestionably be dubbed a profession rather than a trade. In our field, as with any profession, we are bound by ethical considerations.
An appraiser's chief obligation is to their client. Typically, in residential practice, the appraiser's client is the lender ordering the appraisal, and often the appraisal is ordered by a third party the lender has brought in to maintain independence. Consequently, appraisers are typically limited to only disclosing information to their clients, so as a homeowner, if you desire to review the appraisal document, you generally should get it through your lender.
Other responsibilities include accurate sums appropriate to the parameters of the report, acquiring and maintaining a certain level of competency and education, and naturally, the appraiser must bear a professional demeanor. Here at Gary F. Scott, LLC, we take these ethical responsibilities very seriously.
In some cases appraisers will have fiduciary responsibilities to third parties, such as homeowners, buyers and sellers, or others. Typically the third parties are explicitly defined in the appraisal report. 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.
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Gary F. Scott, LLC has an established reputation for completing appraisals with the highest of ethics. To learn more, contact us. |
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There are also ethical rules that have nothing to do with clients and others. For example, appraisers must store their work files for a minimum of five years - at Gary F. Scott, LLC you can rest assured that we adhere to that rule.
Gary F. Scott, LLC holds itself to the industry standards and mandates set in place for professional behavior. We can't accept anything less from ourselves. Doing orders based on contingency fees is not something we can consider. In other words, we can't agree to do an appraisal report and collect payment on the contingency of the loan closing. Anyone should be able to see that fabricating a home's value to achieve essentially a bigger paycheck is unethical! We just don't do it.
Finally, the Uniform Standards of Professional Appraisal Practice also describes a violation in ethics 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" as well as other situations. We diligently follow these rules to the letter which means you can be at ease knowing we are doing everything we can to get you an accurate home or property value.
As soon as you order an appraisal from Gary F. Scott, LLC, we'll make sure you're getting the professional service you expect along with the principles we're known for.
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