For honest and ethical appraisals, count on JTC Valuations
Appraising 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 in this day and age that real estate appraisal can definitely be considered a profession as opposed to a trade. As with any profession we have a strict ethical code.
For an appraiser the main obligation is to his or her client. Most of the time, for a normal residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have rules and regulations they must follow, including confidentiality for their clients a homeowner, if you require to review an appraisal report, you should request it through your lender. Other obligations also include, numerical accuracy depending on the assignment's nature, reaching and keeping an adequate level of competency and education, and the appraiser must conduct him or herself as a professional. Here at JTC Valuations, we take these ethical responsibilities very to heart.
JTC Valuations has an established reputation for producing competent and ethically superior appraisals. Contact us today to learn more.
Appraisers can frequently have fiduciary responsibilities to third parties, including homeowners, buyers and sellers, or others. Generally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary duty is restricted to those third parties who the appraiser knows, based on the scope of work or other written parameters of the assignment.
There are also ethical duties that have nothing to do with whom we share information. For example, appraisers must be able to produce their work files for at least five years - something else JTC Valuations takes very seriously.
JTC Valuations holds itself to the industry standards and guidelines set in place for professional behavior. We refuse to accept anything less from ourselves. Working on orders that contingency fees is not something we can consider That is, we don't agree to do an appraisal report and collect the fee only if the loan closes. Another practice that's restricted is doing assignments on percentage fees. That is perhaps the appraisal industries most important rule, because it would tend to make appraisers inflate the value of homes or properties to increase their paycheck. We don't do that. Other unprofessional practices may be defined 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," in addition to other situations We diligently follow these rules to the letter which means you can be confident we are working hard to provide an unbiased determination of the home or property value.
As soon as you engage JTC Valuations we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.