The August Group Inc. upholds the utmost professional ethics
Appraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have increased more than ever in the past. That's why it goes without question these days 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.
We have many responsibilities as appraisers but first and foremost we answer to our clients. Most of the time, in residential practice, the appraiser's client is the lender ordering the appraisal. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you desire to obtain a copy of an appraisal report, you should obtain it through your lender. Other obligations also include, accurate sums appropriate to the nature of the assignment, reaching and sustaining an adequate level of competency and education, and the appraiser must conduct him or herself as a professional. Here at The August Group Inc., we take these ethical responsibilities very to heart.
The August Group Inc. has worked hard for its reputation for producing competent and ethically superior appraisals. Contact us today to learn more.
Appraisers may also have fiduciary obligations to third parties, including homeowners, sellers and buyers, or others. Those third parties normally are listed in the appraisal assignment itself. An appraiser's fiduciary duty is limited to those third parties who the appraiser knows, based on the scope of work or other written parameters of the assignment.
Appraisers also have duties outside of boundaries of with whom we share information For example, appraisers must backup their work files for at least five years - at The August Group Inc. you can rest assured that we adhere to that rule.
We require the highest professional integrity 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. We can't do assignments on percentage fees. That is perhaps the appraisal professions most important rule, because it would invite fraudulent practices since raising the estimate of the home would increase the their paycheck. We set ourselves to a higher standard. Other improper practices may be established by state law or professional societies to which an appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also 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," "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 objectively determine the home or property value.
With The August Group Inc., you can be assured of 100 percent ethical, honest service.