O'Neil & Company Appraisal Service maintains the utmost professional ethics
We consider our our job a profession. Requirements to become a licensed appraiser have increased more than ever in the past. So it goes without question in this day and age that real estate appraisal can unquestionably be considered a profession as opposed to a trade. In our field, as with any profession, we must follow strict ethical considerations.
We have quite a few obligations as appraisers but our chief duty is to our clients. Generally, for a standard residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers have certain duties of confidentiality to their clients, and as a homeowner, if you desire to obtain a copy of the appraisal document, you should obtain it through your lender. Other responsibilities also include, numerical accuracy depending on the assignment's nature, reaching and sustaining a respectable level of competency and education, and the appraiser must conduct him or herself as a professional. Maintaining high ethics and client confidentiality is just normal course of business for us at O'Neil & Company Appraisal Service
O'Neil & Company Appraisal Service has an established reputation for producing competent and ethically superior appraisals. Contact us today to learn more.
In some cases appraisers will have fiduciary responsibilities to third parties, such as homeowners, both sellers and buyers, or others. Those third parties normally are defined in the appraisal assignment itself. An appraiser's fiduciary duty is limited to those parties who the appraiser knows, based on the scope of work or other written parameters of the job.
There are also ethical duties that have nothing to do with clients and others. For example, appraisers must keep their work files for a minimum of five years - at O'Neil & Company Appraisal Service you can rest assured that we stick to that rule.
O'Neil & Company Appraisal Service holds itself to the industry standards and mandates set in place for professional behavior. We refuse to accept anything less from ourselves. Working on assignments that contingency fees is never an option. That is, we can't agree to do an appraisal report and collect payment on the contingency of the loan closing. We can't do assignments on percentage fees. That is probably the appraisal professions biggest taboo, because it would invite appraisal fraud since increasing the value of the home would inflate the their paycheck. We don't do that. Other improper practices may be established by state law or professional organizations to which an appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also states 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," "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 going above and beyond to provide an unbiased determination of the home or property value.
When you engage O'Neil & Company Appraisal Service 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.