Richard Frey upholds the highest professional ethicsWe think of what we do as a profession. The rigors of becoming a licensed appraiser have increased more than ever in the past. So it goes without question these days that real estate appraisal can certainly be dubbed a profession rather than a trade. In our field, as with any profession, we must follow strict ethical considerations.
We have many responsibilities as appraisers, but our chief duty is to our clients.
Typically, for a normal residential appraisal, 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.
Thereon, appraisers have certain duties of privacy to their clients, plus many rules and regulations that must be followed. So, as
a homeowner, if you desire to review the appraisal document, you generally should request it via your lender and not the appraiser.
Appraisers may often have fiduciary responsibilities to third parties, such as homeowners, both sellers and buyers, or others. Those third parties normally are defined in scope of the appraisal assignment itself. An appraiser's fiduciary role is only to those third parties who the appraiser is aware of, based on the scope of work or other written parameters of the assignment.
There are also ethical duties that have nothing to do with whom we share information. For example, appraisers must keep their work files for a minimum of five years - at Richard Frey you can rest assured that we stick to that rule.
We meet or exceed the industry standards and rules set in place for ethics. We refuse to accept anything less from ourselves. Working on assignments based on contingency fees is never an option. That is, we are not able to agree to do an appraisal report and collect the fee only if the loan closes. There's certainly a conflict of interest if an appraiser can report a larger value with the reward of getting paid more money! We set ourselves to a higher standard.
Finally, the Uniform Standards of Professional Appraisal Practice (or simply "USPAP") also defines a violation in ethics 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 follow these rules to the letter which means you can rest easy knowing we are doing everything we can to objectively determine the home or property value.
With Richard Frey, you won't have any doubts that you're getting 100 percent ethical, professional service.