Looking for Appraisal Services that adhere to a strict code of ethics ?
Our Service Area; Queens, Nassau, Brooklyn, & Manhattan
~ Tri Borough Appraisals ~
The rigors of the appraisal profession have substantially increased more than ever. So it goes without question that real estate appraisal can be dubbed a most challenging profession. In our field, as with most professions, we have a strict ethical code.
An appraiser's primary responsibility is to their client. If a property owner places the order to the appraiser, then they have become the appraisers client. Appraisers are typically restricted to only disclosing their findings to their clients, unless instructed to do otherwise by the client.
Generally, in residential practice, the mortgage lender (or an agent of the lender) places the order to the appraiser, thus becoming the appraiser's client. It follows that appraisers are typically restricted to only disclosing their findings to their clients, so as a homeowner, if you desire to obtain a copy of an appraisal report, you must obtain it from your lender instead of the appraiser.
Other obligations include accurate calculations appropriate to the parameters of the report, while maintaining an appropriate level of competency and education. The appraiser must always conduct themselves as a professional. At Tri Borough Appraisals, we take these ethical responsibilities seriously.
Appraisers may also have fiduciary obligations to third parties. Those third parties are normally spelled out in scope of the appraisal assignment itself. An appraiser's fiduciary responsibility is restricted to those parties who the appraiser knows, based on the scope of work or other written parameters of the appraisal order.
There are also ethical standards that have nothing to do with whom we share information For example, appraisers must be able to produce their work files for at least five years.
We only perform to the highest ethical standards possible. Accepting orders where the fee is dependent on a pre-determined value conclusion is NOT something we can consider. That is, we will NOT agree to provide an appraisal report and base our fee upon coming up with a particular value conclusion, or particular assignment results that favors the cause of the client or any other parties.
Finally, the Uniform Standards of Professional Appraisal Practice (or simply "USPAP") also describes a violation in ethics as the acceptance of an assignment that is contingent upon "the reporting of a pre-determined result (e.g., opinion of value, etc.)", "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. This means you can be confident, and at ease in knowing that we are doing everything we possibly can to objectively determine the accurate property value conclusion.
With Tri Borough Appraisals, you can be assured of ethical and professional appraisal services.
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