Honesty and Integrity: Cornerstone AppraisalsTypically, appraising is a long term career. Requirements to become a licensed appraiser have increased more than ever before. 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.
We have a great deal of responsibilities as appraisers, but above everything we answer to our clients.
Typically, for a standard residential appraisal, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
Certain matters relating to an assignment are to be shared exclusively with the appraiser's client. So, as
a homeowner, if you would like to obtain a copy of the appraisal document, you generally should obtain it from your lender.
Appraisers can also have fiduciary obligations to third parties, including homeowners, sellers and buyers, or others. Normally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary role is restricted to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the job.
There are also ethical rules that have nothing to do with clients and others. For example, appraisers must backup their work files for a minimum of five years - at Cornerstone Appraisals you can rest assured that we abide by that rule.
When creating reports, we follow the highest ethical standards possible. Working on orders where our fee is dependent on our value conclusion is never an option. In other words, we don't agree to do an appraisal report and collect payment on the contingency of the loan closing. There's an obvious conflict of interest if an appraiser can report a greater value and then get paid more money! This isn't how we operate.
Finally, the Uniform Standards of Professional Appraisal Practice (or simply "USPAP") 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" in addition to other situations We diligently follow these rules to the letter which means you can be confident we are doing everything we can to get you an accurate home or property value.
As soon as you request an appraisal from Cornerstone Appraisals, we'll make sure you're getting the professional service you deserve along with the honesty and integrity we're known for.