Race Appraisal Services, LLC upholds the utmost professional ethics
Appraising is, by and large, a long term career. The rigors of becoming 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 have a strict ethical code.
An appraiser's main responsibility is to their client. Typically, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers are privy to a lot of information, and like an attorney can only discuss many matters with their client. As a homeowner, if you would like to obtain a copy of the appraisal document, you normally have to get it through your lender. Other responsibilities also include, accurate calculations appropriate to the nature of the assignment, reaching and sustaining an appropriate level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics and client confidentiality is just normal course of business for us at Race Appraisal Services, LLC.
Race Appraisal Services, LLC has an established track record for providing competent and ethically superior appraisals. To learn more Contact us
There are some scenarios in which appraisers will 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 duty is restricted to those 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 rules outside of boundaries of clients and others. For example, appraisers must backup their work files for a minimum of five years - at Race Appraisal Services, LLC you can rest assured that we adhere to that rule.
We meet or beat the industry standards and guidelines set in place for professional behavior. We can't accept anything less from ourselves. We never do assignments on contingency fees. That is, we are not able to agree to do an appraisal report and get paid only if the loan closes. We don't do assignments on percentage fees. That is perhaps the appraisal professions most important rule, because it would invite appraisal fraud since increasing the estimate of the home would inflate the their paycheck. We don't do that. Other unprofessional practices may be established by state law or professional societies that the appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (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," "the amount of a value opinion," in addition to other situations We diligently 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 Race Appraisal Services, LLC we'll make sure you're getting the professional service you expect along with the an ethical approach with appraisals that we're known for.
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