Honesty and Integrity: Stephanie L. Duffy Appraisal ServicesAppraising is generally a long term career. The rigors of becoming a licensed appraiser have become more difficult than ever in the past. So it goes without question these days that real estate appraisal can definitely be called a profession as opposed to a trade. In our field, as with any profession, we are bound by ethical considerations.
We have quite a few obligations as appraisers, but first and foremost we answer to our clients.
Typically, in residential practice, the appraiser's client is the lender ordering the appraisal, and often the appraisal is ordered by a third party the lender has brought in to maintain independence.
It's important to know that certain elements relating to an assignment are to be shared exclusively with the appraiser's client. As
a homeowner, if you desire to review an appraisal report, you generally have to request it via your lender and not the appraiser.
There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, such as homeowners, both buyers and sellers, or others. Typically the third parties are clearly 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 things in the framework of the assignment.
Appraisers also have duties outside of boundaries of with whom we share information For example, appraisers must keep their work files for at least five years - at Stephanie L. Duffy Appraisal Services you can rest assured that we abide by that rule.
While working on an order, we follow the highest ethical standards possible. Accepting orders where our fee is dependent on our value conclusion is never an option. That means we can't agree to do an appraisal report and base our pay upon coming up with a particular value conclusion. There's an obvious conflict of interest if an appraiser can report a greater value and then get paid more money! We just don't do it.
Finally, the Uniform Standards of Professional Appraisal Practice (or simply "USPAP") explicitly 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 follow these rules to the letter which means you can rest easy knowing we are working hard to objectively determine the home or property value.
When you engage Stephanie L. Duffy Appraisal Services, we'll make sure you're getting the professional service you expect along with the high ethical standards we're known for.