Honesty and Integrity: Kennedy Appraisals
Appraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have become more difficult than ever before. So it goes without question in this day and age that real estate appraisal can unquestionably be dubbed a profession as opposed to a trade. As with any profession we are bound by ethical considerations.
We have many obligations as appraisers but above everything we answer to our clients. Typically, for a normal residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have rules and regulations they must follow, including keeping many matters private for their clients a homeowner, if you want to review the appraisal document, you generally have to get it from your lender. Other obligations also include, numerical accuracy depending on the scope of the assignment, reaching and maintaining an appropriate level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Kennedy Appraisals, we take these ethical responsibilities very seriously.
Kennedy Appraisals has worked hard for its reputation for performing appraisals with the highest of ethics. To learn more Contact us
Appraisers can regularly have fiduciary responsibilities to third parties, such as homeowners, buyers and sellers, or others. Those third parties normally are listed in the appraisal assignment itself. 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 job.
There are also ethical duties that have nothing to do with clients and others. For example, appraisers must store their work files for at least five years - something else Kennedy Appraisals takes very seriously.
Kennedy Appraisals holds itself to the industry standards and mandates set in place for professional behavior. We won't accept anything less from ourselves. Working on assignments that contingency fees is not something we can consider That is, we don't agree to do an appraisal report and collect payment on the contingency of the loan closing. Another practice that's restricted is doing assignments on percentage fees. That is probably the appraisal professions biggest no-no, because it would invite appraisal fraud since increasing the estimate of the home would inflate the their paycheck. We don't do that. Other unethical practices may be defined by state law or professional societies that the appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also states unethical behavior 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," as well as other situations. We diligently follow these rules to the letter which means you can rest easy knowing we are going above and beyond to objectively determine the home or property value.
With Kennedy Appraisals, you can be assured of 100 percent ethical, honest service.