Regan Leddy Appraisal, LLC. upholds the utmost professional ethics
By and large, appraising a long term career. Requirements to become a licensed appraiser have increased more than ever before. So it goes without question in this day and age that real estate appraisal can unquestionably be dubbed a profession as opposed to a trade. As with any profession we have a strict ethical code.
For an appraiser the chief responsibility is to his or her client. More often than not, for a standard residential appraisal, the appraiser's client is the lender ordering the appraisal. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you want to review an appraisal report, you normally have to request it from your lender. Other responsibilities also include, accurate calculations appropriate to the scope of the assignment, attaining and maintaining a particular level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Regan Leddy Appraisal, LLC., we take these ethical responsibilities very to heart.
Regan Leddy Appraisal, LLC. has an established track record for providing competent and ethically superior appraisals. Contact us today to learn more.
Appraisers can frequently have fiduciary obligations to third parties, such as homeowners, sellers and buyers, or others. Normally the third parties are clearly defined in the appraisal report. An appraiser's fiduciary duty is only to those third parties who the appraiser knows, based on the scope of work or other written parameters of the job.
There are also ethical duties that have nothing to do with clients and others. For example, appraisers must store their work files for at least five years - at Regan Leddy Appraisal, LLC. you can rest assured that we adhere to that rule.
We demand the highest professional integrity possible from ourselves. We never do assignments on contingency fees. That is, we can't agree to do an appraisal report and collect payment on the contingency of the loan closing. We can't do assignments on percentage fees. That is perhaps the appraisal industries most important rule, because it would invite fraudulent practices since raising the value of the home would up the fee. We don't do that. Other unprofessional practices may be established by state law or professional societies that the appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also states 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 diligently follow these rules to the letter which means you can be confident we are doing everything we can to provide an unbiased determination of the home or property value.
When you engage Regan Leddy Appraisal, LLC. we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.