Nordquist Appraisal LLC upholds the utmost professional ethics
Appraising is a profession, and appraisers are professionals. The rigors of becoming 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 certainly be dubbed a profession rather than a trade. In our field, as with any profession, we are bound by an ethical code.
As appraisers our main obligation is to his or her client. More often than not, for a typical residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers have rules and regulations they must follow, including keeping many matters private for their clients a homeowner, if you would like a copy of an appraisal report, you should get it from your lender. Other obligations also include, accurate sums appropriate to the nature of the report, reaching and keeping a particular 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 seriously.
Nordquist Appraisal LLC has worked hard for its reputation for providing appraisals with the highest of ethics. Contact us today to learn more.
There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, such as homeowners, both sellers and buyers, or others. Normally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary responsibility is limited to those parties who the appraiser knows, 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 keep their work files for a minimum of five years - at Nordquist Appraisal LLC you can rest assured that we abide by that rule.
We require the highest professional integrity possible from ourselves. Doing assignments on contingency fees is not something we can consider That is, we are not able to 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 perhaps the appraisal professions most important rule, because it would tend to make appraisers raise the value of homes or properties to increase their fee. 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 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 confident we are working hard to objectively determine the home or property value.
As soon as you order an appraisal from 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.