Colen & Associates maintains the utmost professional ethics
We think of what we do as a profession. Requirements to become 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 certainly be called a profession rather than a trade. In our field, as with any profession, we have a strict ethical code.
We have quite a few responsibilities as appraisers but above everything we answer to our clients. Typically, for a regular residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers are required to only disclosing information to their clients, and as a homeowner, if you desire a copy of an appraisal report, you should get it from your lender. Other obligations also include, accurate sums appropriate to the nature of the assignment, reaching and maintaining a certain level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Colen & Associates, we take these ethical responsibilities very to heart.
Colen & Associates has an established track record for performing competent and ethically superior appraisals. Contact us today to learn more.
Appraisers may also have fiduciary obligations to third parties, such as homeowners, buyers and sellers, or others. Those third parties normally are spelled out in scope of the appraisal assignment itself. An appraiser's fiduciary roll is restricted to those third parties who the appraiser is aware of, based on the scope of work or other written parameters of the order.
There are also ethical duties that have nothing to do with clients and others. For example, appraisers must be able to produce their work files for a minimum of five years - at Colen & Associates you can rest assured that we abide by that rule.
We meet or beat the industry standards and mandates set in place for professional behavior. We refuse to accept anything less from ourselves. We never do assignments on contingency fees. That is, we can't agree to do an appraisal report and collect the fee only if the loan closes. We can't do assignments on percentage fees. That is perhaps the appraisal professions most important rule, because it would invite fraudulent practices since increasing the value of the home would raise the their paycheck. We set ourselves to a higher standard. Other unprofessional practices may be defined by state law or professional organizations that the 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 follow these rules to the letter which means you can be confident we are going above and beyond to objectively determine the home or property value.
As soon as you engage Colen & Associates we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.