Evaluating Property in the MidSouth (EPM) upholds the highest professional ethicsWe consider our job as a profession. 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. In our field, as with any profession, we must follow strict ethical considerations.
We have quite a few responsibilities as appraisers, but first and foremost we answer to our clients.
More often than not, in residential practice, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
Thereon, appraisers are privy to a lot of data, and like an attorney, can only discuss many of these matters with their client. As
a homeowner, if you want a copy of the appraisal document, you generally have to request it through your lender and not the appraiser.
In some cases appraisers will have fiduciary responsibilities to third parties, such as homeowners, buyers and sellers, or others. Generally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary duty is limited to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the order.
There are also ethical duties 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 - something else Evaluating Property in the MidSouth (EPM) diligently adheres to.
Evaluating Property in the MidSouth (EPM) holds itself to the industry standards and guidelines set in place for professional behavior. We refuse to accept anything less from ourselves. Doing assignments where our fee is dependent on our value conclusion is never an option. In other words, we can't agree to do an appraisal report and collect the fee only if the loan closes. There's certainly a conflict of interest if an appraiser can report an unsubstantiated value with the reward of getting paid more money! We set ourselves to a higher standard.
Finally, the Uniform Standards of Professional Appraisal Practice (or simply "USPAP") also states unethical behavior 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", 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 going above and beyond to get you an accurate home or property value.
When you request an appraisal from Evaluating Property in the MidSouth (EPM), we'll make sure you're getting the professional service you expect along with the high ethical standards we're known for.