 Honesty and Integrity: King Valuations, Inc.We consider what we do as a profession. The rigors of becoming a licensed appraiser have increased more than ever in the past. So it goes without question these days that real estate appraisal can definitely be considered a profession rather than a trade. As with any profession we must follow strict ethical considerations.
We have a great deal of responsibilities as appraisers, but above everything we answer to our clients.
Generally, for a normal residential appraisal, the appraiser's client is the lender ordering the appraisal, and often the appraisal is ordered by a third party the lender has hired in order to maintain independence.
Subsequently, appraisers are privy to a lot of information, and like an attorney, can only discuss many of these matters with their client. As
a homeowner, if you would like to review an appraisal report, you normally should obtain it through your lender.
Appraisers can regularly have fiduciary obligations to third parties, such as homeowners, both buyers and sellers, or others. Those third parties normally are listed in scope of the appraisal assignment itself. An appraiser's fiduciary responsibility is limited to those parties who the appraiser knows, based on the scope of work or other written parameters of the job.
Appraisers also have rules outside of boundaries of clients and others. For example, appraisers must keep their work files for at least five years - at King Valuations, Inc. you can rest assured that we abide by that rule. While working on an order, we follow the highest ethical standards possible. Accepting assignments based on contingency fees is not something we can consider. That is, we don't agree to do an appraisal report and collect the fee only if the loan closes. There's a definite conflict of interest if an appraiser can report an unsubstantiated value with the reward of getting paid more money! We set ourselves to a higher standard. Finally, the Uniform Standards of Professional Appraisal Practice explicitly describes 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", or "the amount of a value opinion" as well as other situations. We follow these rules to the letter which means you can be at ease knowing we are working hard to objectively determine the home or property value. As soon as you request an appraisal from King Valuations, Inc., we'll make sure you're getting the professional service you expect along with the high ethical standards we're known for. |
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