Looking for Appraisal Services that adhere to a strict code of ethics ?
Our Service Area; Queens, Nassau County, Brooklyn, & Manhattan
Tri Borough Appraisals operates with integrity and a commitment to excellence
The rigors of the appraisal profession have 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 chief responsibility is to their client. If a homeowner 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, attaining and maintaining an appropriate level of competency and education, and the appraiser must always conduct themselves as a professional. At Tri Borough Appraisals, we take these ethical responsibilities very serious.
Appraisers may also have fiduciary obligations to third parties, such as homeowners, both sellers and buyers, or others. Those third parties normally are 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 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.
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 can to objectively determine the accurate property value.
With Tri Borough Appraisals, you can be assured of ethical and professional service.