Honesty and Integrity: ddaAppraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have become more difficult than ever in the past. So it goes without question these days that real estate appraisal can definitely be called a profession rather than a trade. In our field, as with any profession, we must follow strict ethical considerations.
We have many obligations as appraisers, but our main duty is to our clients.
More often than not, for a typical residential appraisal, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
It's important to know that certain matters relating to an assignment are to be discussed exclusively with the appraiser's client. So, as
a homeowner, if you would like a copy of an appraisal report, you normally should obtain it through your lender instead of the appraiser.
There are some scenarios in which appraisers will have fiduciary responsibilities to 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 role is limited to those parties who the appraiser knows, based on the scope of work or other things in the framework of the order.
Appraisers also have rules outside of boundaries of clients and others. For example, appraisers must be able to produce their work files for at least five years - at dda you can rest assured that we abide by that rule.
We require the highest ethical standards possible from ourselves. Working on orders where our fee is dependent on our value conclusion is never an option. That is, we can't agree to do an appraisal report and collect payment on the contingency of the loan closing. There's a definite conflict of interest if an appraiser can report a larger value and then get paid more money! We set ourselves to a higher standard.
Finally, the Uniform Standards of Professional Appraisal Practice also defines 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 at ease knowing we are going above and beyond to objectively determine the home or property value.
As soon as you request an appraisal from dda, we'll make sure you're getting the professional service you deserve along with the high ethical standards we're known for.