Kennedy Appraisals upholds the utmost professional ethics
We think of our business as a profession. The rigors of becoming a licensed appraiser have increased more than ever before. So it goes without question in this day and age that real estate appraisal can unquestionably be called a profession as opposed to a trade. In our field, as with any profession, we are bound by an ethical code.
We have a lot of responsibilities as appraisers but first and foremost we answer to our clients. More often than not, for a normal residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers are privy to a lot of data, and like an attorney can only discuss many matters with their client. As a homeowner, if you desire to review the appraisal document, you normally have to request it through your lender. Other responsibilities also include, accurate calculations appropriate to the nature of the assignment, acquiring and keeping an adequate level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics is standard operating procedure for us at Kennedy Appraisals.
Kennedy Appraisals has worked hard for its track record for producing competent and ethically superior appraisals. Contact us today to learn more.
Appraisers may regularly have fiduciary responsibilities to third parties, including homeowners, both sellers and buyers, or others. Typically the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary duty is restricted to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the order.
Appraisers also have rules outside of boundaries of with whom we share information For example, appraisers must be able to produce their work files for a minimum of five years - at Kennedy Appraisals you can rest assured that we abide by that rule.
We only perform to the highest ethical standards possible. We don't do assignments on contingency fees. That is, we can't agree to do an appraisal report and collect payment on the contingency of the loan closing. We don't do assignments on percentage fees. That is probably the appraisal industries most important rule, because it would tend to make appraisers raise the value of homes or properties to increase their fee. We don't do that. Other unprofessional practices may be established by state law or professional societies to which an appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (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," "the amount of a value opinion," in addition to other situations We diligently follow these rules to the letter which means you can be assured we are going above and beyond to objectively determine the home or property value.
As soon as you engage Kennedy Appraisals 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.