NC Appraisal Center maintains the highest professional ethicsWe think of our business as a profession. Requirements to become a licensed appraiser have become more difficult than ever before. So it goes without question these days that real estate appraisal can certainly be called a profession rather than a trade. In our field, as with any profession, we are bound by an ethical code.
The appraiser's chief responsibility is to their client.
Generally, for a standard residential appraisal, the appraiser's client is the lender ordering the appraisal, and often the appraisal is ordered by a third party the lender has contracted in order to maintain independence.
Certain details pertaining to an assignment are to be discussed with the appraiser's client. As
a homeowner, if you want a copy of an appraisal report, you normally should request it from your lender instead of the appraiser.
Appraisers will regularly be obligated to consider the interests of third parties, such as homeowners, sellers and buyers, or others. Those third parties normally are listed in scope of the appraisal assignment itself. An appraiser's fiduciary role is restricted to those parties who the appraiser is aware of, based on the scope of work or other things in the framework of the assignment.
There are also ethical standards that have nothing to do with whom we share information. For example, appraisers must keep their work files for at least five years - at NC Appraisal Center you can rest assured that we stick to that rule.
While busy with an appraisal, we follow the highest ethical standards possible. 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 payment on the contingency of the loan closing. There's certainly a 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") clearly states unethical behavior 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" as well as other situations. We follow these rules to the letter which means you can be at ease knowing we are doing everything we can to objectively determine the home or property value.
When you engage NC Appraisal Center, we'll make sure you're getting the professional service you expect along with the high ethical standards we're known for.