Honesty and Integrity: Watson Appraisal Services, Inc
We consider our what we do a profession. Requirements to become 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 as opposed to a trade. As with any profession we must follow strict ethical considerations.
An appraiser's chief responsibility is to their client. More often than not, for a typical residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers are required to only disclosing information to their clients, and as a homeowner, if you require to obtain a copy of the appraisal document, you generally have to obtain it through your lender. Other obligations also include, accurate calculations appropriate to the scope of the assignment, acquiring and sustaining an adequate level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Watson Appraisal Services, Inc, we take these ethical responsibilities very seriously.
Watson Appraisal Services, Inc has an established track record for providing appraisals with the highest of ethics. To learn more Contact us
In some cases appraisers will have fiduciary responsibilities to third parties, including homeowners, both buyers and sellers, or others. Those third parties normally are defined in the appraisal assignment itself. An appraiser's fiduciary duty is restricted to those parties who the appraiser knows, based on the scope of work or other written parameters of the assignment.
There are also ethical standards that have nothing to do with clients and others. For example, appraisers must be able to produce their work files for a minimum of five years - something else Watson Appraisal Services, Inc takes very seriously.
We demand the highest ethical standards possible 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 get paid only if the loan closes. We can't do assignments on percentage fees. That is probably the appraisal industries biggest no-no, because it would invite fraudulent practices since increasing the estimate of the home would increase the fee. We set ourselves to a higher standard. Other improper practices may be defined by state law or professional societies to which an appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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," "the amount of a value opinion," as well as other situations. We diligently 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.
As soon as you engage Watson Appraisal Services, Inc we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.