Honesty and Integrity: Nordquist Appraisal LLC
Appraising is generally a long term career. The rigors of becoming a licensed appraiser have become more difficult than ever in the past. So it goes without question in this day and age that real estate appraisal can definitely be considered a profession as opposed to a trade. In our field, as with any profession, we have a strict ethical code.
For an appraiser the main responsibility is to their client. Most of the time, for a standard 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 require to review the appraisal document, you should get it from your lender. Other responsibilities also include, accurate calculations appropriate to the scope of the assignment, reaching and keeping an appropriate level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Nordquist Appraisal LLC, we take these ethical responsibilities very to heart.
Nordquist Appraisal LLC has worked hard for its reputation for producing competent and ethically superior appraisals. Contact us today to learn more.
Appraisers can also have fiduciary responsibilities to third parties, such as homeowners, sellers and buyers, or others. Normally the third parties are clearly defined in the appraisal report. An appraiser's fiduciary roll is limited to those third parties who the appraiser is aware of, based on the scope of work or other things in the framework of the assignment.
Appraisers also have standards outside of boundaries of clients and others. For example, appraisers must be able to produce their work files for at least five years - at Nordquist Appraisal LLC you can rest assured that we stick to that rule.
We meet or beat the industry standards and rules set in place for professional behavior. We refuse to accept anything less from ourselves. We don't do assignments on contingency fees. That is, we don't agree to do an appraisal report and get paid only if the loan closes. We can't do assignments on percentage fees. That is probably the appraisal professions most important rule, because it would tend to make appraisers inflate the value of homes or properties to increase their paycheck. We don't do that. Other unethical practices may be established by state law or professional societies to which an 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 confident we are going above and beyond to provide an unbiased determination of the home or property value.
When you engage Nordquist Appraisal 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.