Branam's, Inc. Real Estate maintains the utmost professional ethicsGenerally, appraising is a long term career. Requirements to become a licensed appraiser have increased more than ever in the past. That's why it goes without question in this day and age that real estate appraisal can definitely be called a profession rather than a trade. As with any profession we have a strict ethical code.
We have a great deal of obligations as appraisers, but our primary 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.
It follows that appraisers are typically restricted to only disclosing their findings to their clients, so as
a homeowner, if you want to review an appraisal report, you normally should request it through your lender instead of the appraiser.
In some cases appraisers will have fiduciary responsibilities to third parties, including homeowners, both buyers and sellers, or others. Typically the third parties are clearly defined in the appraisal report. An appraiser's fiduciary role is limited to those parties who the appraiser knows, based on the scope of work or other things in the framework of the job.
Appraisers also have standards outside of boundaries of clients and others. For example, appraisers must store their work files for at least five years - something else Branam's, Inc. Real Estate makes a part of their standard routine.
Branam's, Inc. Real Estate holds itself to the industry standards and rules set in place for professional behavior. We refuse to accept anything less from ourselves. Working on assignments where our fee is dependent on our value conclusion is not something we can consider. That means we don't agree to do an appraisal report and collect payment on the contingency of the loan closing. There's certainly a conflict of interest if an appraiser can report a greater value with the reward of getting paid more money!
Finally, the Uniform Standards of Professional Appraisal Practice also states unethical behavior 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", or "the amount of a value opinion" as well as other situations. We follow these rules to the letter which means you can be confident we are doing everything we can to objectively determine the home or property value.
With Branam's, Inc. Real Estate, you can be assured of 100 percent ethical, professional service.