Edward Miller Appraisal Services upholds the utmost professional ethicsAppraising 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 these days that real estate appraisal can unquestionably be considered a profession as opposed to a trade. In our field, as with any profession, we are bound by ethical considerations.
An appraiser's main responsibility is to their client.
Typically, in residential practice, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
Certain elements pertaining to an assignment are to be discussed exclusively with the appraiser's client. So, as
a homeowner, if you would like to obtain a copy of an appraisal report, you normally should request it via your lender instead of the appraiser.
Appraisers will frequently be obligated to consider the interests of third parties, including homeowners, both sellers and buyers, or others. Typically the third parties are clearly defined in the appraisal report. An appraiser's fiduciary responsibility is limited to those parties who the appraiser knows, based on the scope of work or other written parameters of the order.
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 at least five years - at Edward Miller Appraisal Services you can rest assured that we stick to that rule.
While busy with an order, we follow the highest ethical standards possible. Working on assignments where our fee is dependent on our value conclusion is never an option. That is, we can't agree to do an appraisal report and base our pay upon coming up with a particular value conclusion. There's a definite conflict of interest if an appraiser can report a larger value and then get paid more money! This isn't how we operate.
Finally, the Uniform Standards of Professional Appraisal Practice also defines unethical behavior as the acceptance 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 diligently follow these rules to the letter which means you can rest easy knowing we are going above and beyond to objectively determine the home or property value.
When you order an appraisal from Edward Miller Appraisal Services, we'll make sure you're getting the professional service you expect along with the high ethical standards we're known for.