For honest and ethical appraisals, trust The August Group Inc.
Appraising 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 definitely be called a profession as opposed to a trade. In our field, as with any profession, we must follow strict ethical considerations.
For an appraiser the primary responsibility is to their client. More often than not, for a standard residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers have rules and regulations they must follow, including confidentiality for their clients a homeowner, if you want to obtain a copy of an appraisal report, you normally have to get it through your lender. Other obligations also include, accurate figures appropriate to the nature of the assignment, reaching and maintaining an adequate 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 The August Group Inc..
The August Group Inc. has an established track record for producing appraisals with the highest of ethics. Contact us today to learn more.
Appraisers will often be obligated to consider the interests of third parties, such as homeowners, both buyers and sellers, or others. Those third parties normally are defined in the appraisal assignment itself. An appraiser's fiduciary responsibility is restricted 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 standards that have nothing to do with whom we share information. For example, appraisers must store their work files for a minimum of five years - something else The August Group Inc. takes very seriously.
When working on an order, we follow the highest ethical standards possible. 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. We can't do assignments on percentage fees. That is probably the appraisal industries biggest taboo, because it would tend to make appraisers raise the value of homes or properties to increase their paycheck. We don't do that. Other unprofessional practices may be defined by state law or professional societies 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," as well as other situations. We diligently follow these rules to the letter which means you can be at ease knowing we are working hard to objectively determine the home or property value.
When you order an appraisal from The August Group Inc. we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.