For honest and ethical appraisals, trust Royalty Appraisals Inc.We consider our job as a profession. Requirements to become a licensed appraiser have become more difficult than ever in the past. So it goes without question in this day and age that real estate appraisal can unquestionably be dubbed a profession rather than a trade. In our field, as with any profession, we are bound by ethical considerations.
We have quite a few obligations as appraisers, but above everything we answer to our clients.
Normally, in residential practice, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
It follows that 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 want a copy of the appraisal document, you generally have to obtain it from your lender.
Appraisers may regularly have fiduciary obligations to third parties, such as homeowners, both sellers and buyers, or others. Normally the third parties are specifically 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 job.
Appraisers also have standards outside of boundaries of with whom we share information For example, appraisers must keep their work files for a minimum of five years - at Royalty Appraisals Inc. you can rest assured that we abide by that rule.
When creating reports, we follow the highest ethical standards possible. Doing 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 get paid only if the loan closes. Anyone should be able to see that inflating a value to achieve a higher paycheck is unethical! This isn't how we operate.
Finally, the Uniform Standards of Professional Appraisal Practice (or simply "USPAP") clearly defines a violation in ethics 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 diligently 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.
With Royalty Appraisals Inc., you can be assured of 100 percent ethical, honest service.