M & B Appraisals, LLC upholds the highest professional ethicsWe think of what we do as a profession. The rigors of becoming a licensed appraiser have increased more than ever in the past. That's why 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 have a strict ethical code.
We have a lot of responsibilities as appraisers, but first and foremost we answer to our clients.
Generally, 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 typically limited to only disclosing information to their clients, so as
a homeowner, if you want to obtain a copy of the appraisal document, you generally have to request it via your lender instead of the appraiser.
In some cases appraisers will have fiduciary responsibilities to third parties, including homeowners, both buyers and sellers, or others. Typically the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary duty is restricted to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the assignment.
There are also ethical standards that have nothing to do with whom we share information. For example, appraisers must backup their work files for a minimum of five years - something else M & B Appraisals, LLC makes a part of their standard routine.
We require the highest ethical standards possible from ourselves. Accepting orders where our fee is dependent on our value conclusion is never an option. That is, 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 an unsubstantiated value and then get paid more money! We set ourselves to a higher standard.
Finally, the Uniform Standards of Professional Appraisal Practice explicitly describes 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" as well as other situations. We follow these rules to the letter which means you can be confident we are working hard to objectively determine the home or property value.
With M & B Appraisals, LLC, you can be assured of 100 percent ethical, honest service.