Appraiser Ethics

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Integrity - Honest - Focus - Passion - Purpose

 For honest and ethical appraisals, count on Genesee Valley Appraisals.

Appraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have increased more than ever before. That's why it goes without question these days that real estate appraisal can definitely be called a profession as opposed to a trade. As with any profession we must follow strict ethical considerations.     

The appraiser's main responsibility is to their client. Generally, in residential practice, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client. Thereon, 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 would like to review an appraisal report, you generally should get it from your lender.

Other responsibilities include numerical accuracy depending on the assignment's nature, reaching and maintaining a certain level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Genesee Valley Appraisals, we take these ethical responsibilities very seriously.

Appraisers may frequently have fiduciary obligations to third parties, such as homeowners, buyers and sellers, or others. Generally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary duty is only to those parties who the appraiser knows, based on the scope of work or other written parameters of the assignment.        

Genesee Valley Appraisals has worked hard for its track record for completing appraisals with the highest of ethics. 

To learn more, contact us.        

Appraisers also have rules outside of boundaries of with whom we share information.For example, appraisers must keep their work files for a minimum of five years - something else Genesee Valley Appraisals takes very seriously.     We require the highest ethical standards possible from ourselves. Accepting assignments based on contingency fees is not something we can consider. That is, we don't agree to do an appraisal report and base our pay upon coming up with a particular value conclusion. There's certainly a conflict of interest if an appraiser can report a larger value with the reward of getting paid more money! We just don't do it.   

Finally, the Uniform Standards of Professional Appraisal Practice also describes 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" in addition to other situations We diligently follow these rules to the letter which means you can be assured we are doing everything we can to get you an accurate home or property value.   

With Genesee Valley Appraisals, you won't have any doubts that you're receiving 100 percent ethical, honest service with integrity.