Nordquist Appraisal LLC upholds the highest professional ethics
By and large, appraising a long term career. The rigors of becoming a licensed appraiser have become more difficult than ever before. So it goes without question in this day and age that real estate appraisal can unquestionably be dubbed a profession rather than a trade. In our field, as with any profession, we are bound by an ethical code.
We have many obligations as appraisers but first and foremost we answer to our clients. Normally, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers are required to only disclosing information to their clients, and as a homeowner, if you desire to obtain a copy of the appraisal document, you normally have to get it from your lender. Other responsibilities also include, accurate calculations appropriate to the scope of the report, acquiring and sustaining an adequate level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Nordquist Appraisal LLC, we take these ethical responsibilities very to heart.
Nordquist Appraisal LLC has worked hard for its track record for performing competent and ethically superior appraisals. Contact us today to learn more.
In some cases appraisers will have fiduciary responsibilities to third parties, such as homeowners, sellers and buyers, or others. Those third parties normally are defined in the appraisal assignment itself. An appraiser's fiduciary roll is restricted to those third 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 clients and others. For example, appraisers must keep their work files for at least five years - something else Nordquist Appraisal LLC takes very seriously.
We meet or beat the industry standards and rules set in place for professional behavior. We can't accept anything less from ourselves. We have a responsibility not to do assignments on contingency fees. That is, we are not able to agree to do an appraisal report and collect payment on the contingency of the loan closing. We don't do assignments on percentage fees. That is perhaps the appraisal industries most important rule, because it would tend to make appraisers increase the value of homes or properties to increase their paycheck. We don't do that. Other improper practices may be established by state law or professional organizations 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 follow these rules to the letter which means you can be at ease knowing we are working hard 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 an ethical approach with appraisals that we're known for.