Honesty and Integrity: Kennedy Appraisals
We think of our job as a profession. The rigors of becoming a licensed appraiser have become more difficult than ever before. That's why it goes without question these days that real estate appraisal can certainly be considered a profession as opposed to a trade. As with any profession we are bound by ethical considerations.
We have quite a few responsibilities as appraisers but our primary duty is to our clients. Generally, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you would like a copy of an appraisal report, you should get it from your lender. Other responsibilities also include, accurate figures appropriate to the nature of the report, reaching and maintaining an adequate 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 to heart.
Kennedy Appraisals has an established track record for providing competent and ethically superior appraisals. Contact us today to learn more.
Appraisers will regularly be obligated to consider the interests of third parties, including homeowners, both sellers and buyers, or others. Normally the third parties are specifically defined in the appraisal report. An appraiser's fiduciary duty is only to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the job.
Appraisers also have rules outside of boundaries of with whom we share information For example, appraisers must store their work files for at least five years - at Kennedy Appraisals you can rest assured that we stick to that rule.
We meet or beat the industry standards and rules set in place for professional behavior. We refuse to accept anything less from ourselves. Working on assignments that contingency fees is not something we can consider 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 invite appraisal fraud since increasing the estimate of the home would increase the fee. We don't do that. Other improper practices may be defined by state law or professional organizations 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 follow these rules to the letter which means you can rest easy knowing we are doing everything we can to objectively determine the home or property value.
With Kennedy Appraisals, you can be assured of 100 percent ethical, professional service.