Neu Real Estate upholds the highest professional ethicsAppraising is typically a long term career. Requirements to become a licensed appraiser have become more difficult than ever in the past. So it goes without question these days that real estate appraisal can definitely be considered a profession rather than a trade. In our field, as with any profession, we must follow strict ethical considerations.
We have quite a few responsibilities as appraisers, but our chief duty is to our clients.
Typically, in residential practice, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
Consequently, appraisers are typically limited to only disclosing their findings to their clients, so as
a homeowner, if you would like to obtain a copy of an appraisal report, you generally have to obtain it through your lender instead of the appraiser.
Appraisers may also have fiduciary obligations to third parties, such as homeowners, both buyers and sellers, or others. Generally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary responsibility is restricted to those parties who the appraiser is aware of, based on the scope of work or other written parameters 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 Neu Real Estate you can rest assured that we abide by that rule.
When creating reports, we follow the highest ethical standards possible. Accepting orders based on contingency fees is never an option. That means we are not able to agree to do an appraisal report and get paid only if the loan closes. There's an obvious conflict of interest if an appraiser can report an unsubstantiated value and then get paid more money! We just don't do it.
Finally, the Uniform Standards of Professional Appraisal Practice (or simply "USPAP") clearly describes a violation in ethics 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" in addition to other situations We follow these rules to the letter which means you can be at ease knowing we are doing everything we can to objectively determine the home or property value.
As soon as you order an appraisal from Neu Real Estate, we'll make sure you're getting the professional service you expect along with the honesty and integrity we're known for.