Honesty and Integrity: Bearing Commercial AppraisalGenerally, appraising is 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 certainly be considered a profession as opposed to a trade. As with any profession we must follow strict ethical considerations.
An appraiser's chief responsibility is to their client.
Typically, for a normal residential appraisal, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
Subsequently, appraisers are typically limited to only disclosing information to their clients, so as
a homeowner, if you would like to review an appraisal report, you generally have to obtain it through your lender instead of the appraiser.
Appraisers may also have fiduciary responsibilities to third parties, such as homeowners, sellers and buyers, or others. Those third parties normally are defined in the appraisal assignment itself. An appraiser's fiduciary responsibility is limited to those third parties who the appraiser is aware of, based on the scope of work or other things in the framework of the order.
Appraisers also have standards outside of boundaries of with whom we share information For example, appraisers must be able to produce their work files for at least five years - something else Bearing Commercial Appraisal takes very seriously.
We require the highest professional integrity possible from ourselves. Working on assignments based on contingency fees is not something we can consider. In other words, we don't agree to do an appraisal report and collect payment on the contingency of the loan closing. There's certainly a conflict of interest if an appraiser can report a greater value and then get paid more money! We just don't do it.
Finally, the Uniform Standards of Professional Appraisal Practice explicitly defines 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", or "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 get you an accurate home or property value.
As soon as you order an appraisal from Bearing Commercial Appraisal, we'll make sure you're getting the professional service you expect along with the principles we're known for.