Benchmark Appraising, LLC maintains the highest professional ethics
We think of our business as a profession. The rigors of becoming a licensed appraiser have become more difficult than ever before. That's why it goes without question in this day and age that real estate appraisal can unquestionably be considered a profession as opposed to a trade. In our field, as with any profession, we are bound by ethical considerations.
As appraisers our main obligation is to his or her client. Normally, for a normal residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers are privy to a lot of information, and like an attorney can only discuss many matters with their client. As a homeowner, if you desire a copy of an appraisal report, you normally have to request it from your lender. Other obligations also include, accurate figures appropriate to the scope of the assignment, acquiring and maintaining an appropriate level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics and client confidentiality is standard operating procedure for us at Benchmark Appraising, LLC.
Benchmark Appraising, LLC has an established track record for providing competent and ethically superior appraisals. Contact us today to learn more.
Appraisers can regularly have fiduciary obligations to third parties, including homeowners, buyers and sellers, or others. Generally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary duty is limited to those parties who the appraiser is aware of, based on the scope of work or other things in the framework of the assignment.
There are also ethical duties that have nothing to do with whom we share information. For example, appraisers must be able to produce their work files for at least five years - at Benchmark Appraising, LLC you can rest assured that we abide by that rule.
We demand the highest ethical standards possible from ourselves. We have a responsibility not to do assignments on contingency fees. That is, we don't agree to do an appraisal report and collect payment on the contingency of the loan closing. Another practice that's restricted is doing assignments on percentage fees. That is probably the appraisal industries biggest no-no, because it would tend to make appraisers inflate the value of homes or properties to increase their paycheck. We don't do that. Other improper practices may be defined by state law or professional organizations that the 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," in addition to other situations We follow these rules to the letter which means you can be confident we are working hard to objectively determine the home or property value.
As soon as you order an appraisal from Benchmark Appraising, LLC we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.