Lighthouse Appraisal maintains the highest professional ethicsBy and large, appraising is a long term career. Requirements to become 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 dubbed a profession as opposed to a trade. In our field, as with any profession, we have a strict ethical code.
An appraiser's main responsibility is to their client.
Generally, for a standard 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 contracted in order to maintain independence.
It's important to know that many matters pertaining to an assignment are to be shared exclusively with the appraiser's client. So, as
a homeowner, if you would like a copy of the appraisal document, you normally should request it via your lender instead of the appraiser.
Appraisers will often need to consider the interests of 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 limited to those parties who the appraiser knows, based on the scope of work or other things in the framework of the job.
Appraisers also have rules outside of boundaries of with whom we share information For example, appraisers must be able to produce their work files for a minimum of five years - something else Lighthouse Appraisal takes very seriously.
When working on an appraisal, we follow the highest ethical standards possible. Accepting assignments where our fee is dependent on our value conclusion is never an option. In other words, we can't agree to do an appraisal report and base our pay upon coming up with a particular value conclusion. It should be obvious that fabricating a property's value to achieve essentially a bigger fee is unethical! We set ourselves to a higher standard.
Finally, the Uniform Standards of Professional Appraisal Practice explicitly 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", or "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 get you an accurate home or property value.
When you order an appraisal from Lighthouse Appraisal, we'll make sure you're getting the professional service you expect along with the honesty and integrity we're known for.