Honesty and Integrity: Appraisal DynamicAppraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have become more difficult than ever in the past. That's why it goes without question in this day and age that real estate appraisal can definitely be called a profession as opposed to a trade. In our field, as with any profession, we have a strict ethical code.
An appraiser's primary obligation is to their client.
Typically, for a standard 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 a lot of elements pertaining to an assignment are to be shared with the appraiser's client. As
a homeowner, if you would like to obtain a copy of the appraisal document, you generally have to request it through your lender and not the appraiser.
There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, such as homeowners, sellers and buyers, or others. Generally the third parties are specifically defined in the appraisal report. An appraiser's fiduciary role is limited to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the job.
There are also ethical rules that have nothing to do with whom we share information. For example, appraisers must keep their work files for at least five years - at Appraisal Dynamic you can rest assured that we stick to that rule.
We only perform to the highest ethical standards possible. Working on 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. There's an obvious conflict of interest if an appraiser can report a larger value with the reward of getting paid more money!
Finally, the Uniform Standards of Professional Appraisal Practice explicitly 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 confident we are going above and beyond to objectively determine the home or property value.
With Appraisal Dynamic, you won't have any doubts that you're getting 100 percent ethical, honest service.