Honesty and Integrity: Ferenchak Appraisal Services of TucsonAppraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have become more difficult than ever in the past. That's why it goes without question these days that real estate appraisal can unquestionably be called 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.
Normally, in residential practice, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
Subsequently, appraisers are privy to a lot of information, and like an attorney, can only discuss many of these matters with their client. As
a homeowner, if you desire to review an appraisal report, you generally should obtain it via your lender.
Appraisers can frequently have fiduciary obligations to third parties, such as homeowners, buyers and sellers, or others. Those third parties normally are defined in the appraisal assignment itself. An appraiser's fiduciary role is restricted to those third parties who the appraiser is aware of, based on the scope of work or other written parameters of the order.
There are also ethical duties that have nothing to do with clients and others. For example, appraisers must keep their work files for a minimum of five years - at Ferenchak Appraisal Services of Tucson you can rest assured that we stick to that rule.
When busy with an assignment, we follow the highest ethical standards possible. Doing assignments based on contingency fees is not something we can consider. That is, we can't agree to do an appraisal report and get paid only if the loan closes. It should be obvious that fabricating a home's value to achieve what amounts to a higher fee is unethical! We just don't do it.
Finally, the Uniform Standards of Professional Appraisal Practice also states 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" as well as other situations. We follow these rules to the letter which means you can be at ease knowing we are working hard to objectively determine the home or property value.
As soon as you engage Ferenchak Appraisal Services of Tucson, we'll make sure you're getting the professional service you deserve along with the principles we're known for.