Daniel J. Smith Appraisals maintains the highest professional ethicsAppraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have increased more than ever in the past. So 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.
The appraiser's main responsibility is to their client.
Typically, for a normal residential appraisal, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
Subsequently, appraisers have certain duties of confidentiality to their clients, plus strict rules and regulations controlling with whom we share information. As
a homeowner, if you would like a copy of an appraisal report, you generally have to request it through your lender.
There are some scenarios in which appraisers will have fiduciary responsibilities 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 responsibility is limited to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the job.
There are also ethical rules that have nothing to do with clients and others. For example, appraisers must keep their work files for a minimum of five years - at Daniel J. Smith Appraisals you can rest assured that we abide by that rule.
We meet or exceed the industry standards and guidelines set in place for ethics. We refuse to accept anything less from ourselves. Accepting assignments where our fee is dependent on our value conclusion is not something we can consider. In other words, we don't agree to do an appraisal report and collect the fee only if the loan closes. There's an obvious conflict of interest if an appraiser can report an unsubstantiated value and then get paid more money! We set ourselves to a higher standard.
Finally, the Uniform Standards of Professional Appraisal Practice (or simply "USPAP") explicitly describes 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", or "the amount of a value opinion" in addition to other situations We follow these rules to the letter which means you can rest easy knowing we are working hard to provide an unbiased determination of the home or property value.
With Daniel J. Smith Appraisals, you can be assured of 100 percent ethical, honest service.