Premier Appraisal of SoCal upholds the utmost professional ethics

We think of our business as a profession. Requirements to become a licensed appraiser have become more difficult than ever in the past. So it goes without question in this day and age that real estate appraisal can certainly be considered a profession as opposed to a trade. In our field, as with any profession, we have a strict ethical code.

We have a great deal of obligations as appraisers but above everything we answer to our clients. Typically, in residential practice, 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 a copy of an appraisal report, you should get it through your lender. Other responsibilities also include, numerical accuracy depending on the assignment's nature, reaching and sustaining a respectable level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics and client confidentiality is standard operating procedure for us at Premier Appraisal of SoCal.

There are some scenarios in which 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 roll is restricted to those parties who the appraiser knows, based on the scope of work or other things in the framework of the job.

Appraisers also have duties outside of boundaries of clients and others. For example, appraisers must keep their work files for a minimum of five years - at Premier Appraisal of SoCal you can rest assured that we adhere to that rule.

When busy with an assignment, we follow the highest ethical standards possible. We never do assignments on contingency fees. That is, we don't 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 probably the appraisal professions biggest no-no, because it would invite fraudulent practices since raising the value of the home would inflate the fee. We don't do that. Other improper practices may be established by state law or professional societies that the 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 order an appraisal from Premier Appraisal of SoCal 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.