Honesty and Integrity: REID E. CHOATE & ASSOCIATES, LLC
Appraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have become more difficult than ever before. So it goes without question in this day and age that real estate appraisal can definitely be called a profession rather than a trade. In our field, as with any profession, we are bound by an ethical code.
We have a lot of obligations as appraisers but our primary duty is to our clients. Most of the time, for a normal 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 want to obtain a copy of an appraisal report, you normally have to obtain it from your lender. Other responsibilities also include, accurate figures appropriate to the scope of the report, reaching and keeping a respectable level of competency and education, and of course, the appraiser must behave in a professional manner. Here at REID E. CHOATE & ASSOCIATES, LLC, we take these ethical responsibilities very seriously.
REID E. CHOATE & ASSOCIATES, LLC has worked hard for its reputation for producing appraisals with the highest of ethics. Contact us today to learn more.
There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, including homeowners, both sellers and buyers, or others. Those third parties normally are spelled out in the appraisal assignment itself. An appraiser's fiduciary responsibility is only to those third parties who the appraiser knows, based on the scope of work or other written parameters of the order.
There are also ethical rules that have nothing to do with clients and others. For example, appraisers must keep their work files for a minimum of five years - something else REID E. CHOATE & ASSOCIATES, LLC takes very seriously.
We require the highest professional integrity possible from ourselves. We don't do assignments on contingency fees. That is, we can't agree to do an appraisal report and collect payment on the contingency of the loan closing. We don't do assignments on percentage fees. That is probably the appraisal industries most important rule, because it would invite appraisal fraud since increasing the value of the home would inflate the their paycheck. We don't do that. Other unprofessional practices may be established by state law or professional societies that the appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also defines a violation in ethics as accepting 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," in addition to other situations We diligently 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.
With REID E. CHOATE & ASSOCIATES, LLC, you can be assured of 100 percent ethical, honest service.