 Mid States Valuation Solutions maintains the highest professional ethicsBy and large, appraising is a long term career. Requirements to become a licensed appraiser have increased more than ever before. That's why it goes without question in this day and age that real estate appraisal can definitely be dubbed a profession rather than a trade. As with any profession we are bound by an ethical code.
We have a great deal of responsibilities as appraisers, but our main duty is to our clients.
Generally, in residential practice, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
Certain details pertaining to an assignment are to be shared exclusively with the appraiser's client. As
a homeowner, if you desire to review the appraisal document, you generally should get it via your lender instead of 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. Normally the third parties are clearly defined in the appraisal report. An appraiser's fiduciary role is limited to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the order.
Appraisers also have rules outside of boundaries of clients and others. For example, appraisers must store their work files for a minimum of five years - something else Mid States Valuation Solutions makes a part of their standard routine. Mid States Valuation Solutions holds itself to the industry standards and rules set in place for ethics. We refuse to accept anything less from ourselves. Doing orders where our fee is dependent on our value conclusion is not something we can consider. 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 a definite conflict of interest if an appraiser can report a larger 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 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" as well as other situations. We follow these rules to the letter which means you can rest easy knowing we are doing everything we can to provide an unbiased determination of the home or property value. As soon as you engage Mid States Valuation Solutions, we'll make sure you're getting the professional service you expect along with the honesty and integrity we're known for. |
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