For honest and ethical appraisals, rely on DMS Appraisal Services, LLC.
We think of our job as a profession. Requirements to become a licensed appraiser have increased more than ever before. So it goes without question in this day and age that real estate appraisal can certainly be dubbed a profession rather than a trade. In our field, as with any profession, we are bound by an ethical code.
The appraiser's main obligation is to their client. Typically, for a regular residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you want to obtain a copy of an appraisal report, you normally have to request it through your lender. Other obligations also include, numerical accuracy depending on the assignment parameters, reaching and keeping an adequate level of competency and education, and the appraiser must conduct him or herself as a professional. Here at DMS Appraisal Services, LLC., we take these ethical responsibilities very to heart.
DMS Appraisal Services, LLC. has worked hard for its reputation for providing appraisals with the highest of ethics. Contact us today to learn more.
Appraisers may often have fiduciary obligations to third parties, such as homeowners, both buyers and sellers, or others. Generally the third parties are clearly defined in the appraisal report. An appraiser's fiduciary duty is only to those third parties who the appraiser knows, based on the scope of work or other written parameters of the job.
Appraisers also have standards outside of boundaries of clients and others. For example, appraisers must backup their work files for at least five years - at DMS Appraisal Services, LLC. you can rest assured that we abide by that rule.
While busy with an appraisal, we follow the highest ethical standards possible. We have a responsibility not to do assignments on contingency fees. That is, we are not able to agree to do an appraisal report and collect the fee only if the loan closes. We can't do assignments on percentage fees. That is probably the appraisal professions biggest taboo, because it would invite fraudulent practices since increasing the value of the home would inflate the fee. We set ourselves to a higher standard. Other unethical practices may be established by state law or professional organizations that the appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also 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," "the amount of a value opinion," as well as other situations. We follow these rules to the letter which means you can be at ease knowing we are going above and beyond to provide an unbiased determination of the home or property value.
As soon as you engage DMS Appraisal Services, LLC. we'll make sure you're getting the professional service you expect along with the an ethical approach with appraisals that we're known for.