Centennial Appraisal Group, Inc. upholds the highest professional ethicsAppraising is generally a long term career. Requirements to become a licensed appraiser have increased more 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.
Typically, in residential practice, the appraiser's client is the lender ordering the appraisal, and often the appraisal is ordered by a third party the lender has hired in order to maintain independence.
Subsequently, appraisers have certain duties of privacy to their clients, plus strict rules and regulations to which we must adhere. As
a homeowner, if you desire a copy of the appraisal document, you generally should get it from your lender and not the appraiser.
There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, including homeowners, both buyers and sellers, or others. Generally the third parties are specifically defined in the appraisal report. An appraiser's fiduciary duty is restricted to those parties who the appraiser knows, based on the scope of work or other things in the framework of the job.
Appraisers also have duties outside of boundaries of with whom we share information For example, appraisers must keep their work files for at least five years - at Centennial Appraisal Group, Inc. you can rest assured that we abide by that rule.
When busy with an assignment, we follow the highest ethical standards possible. Accepting orders where our fee is dependent on our value conclusion is never an option. That means we are not able to agree to do an appraisal report and collect the fee only if the loan closes. Anyone should be able to see that fabricating a home's value to achieve essentially a bigger paycheck is unethical! We just don't do it.
Finally, the Uniform Standards of Professional Appraisal Practice clearly states 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 Centennial Appraisal Group, Inc., we'll make sure you're getting the professional service you expect along with the high ethical standards we're known for.