Appraisers may sometimes have fiduciary responsibilities to third parties, such as homeowners, buyers and sellers, or others. Those third parties normally are defined in scope of the appraisal assignment itself. An appraiser's fiduciary roll is restricted to those parties who the appraiser knows, based on the scope of work or other things in the framework of the assignment.
Appraisers also have standards outside of boundaries of with whom we share information For example, appraisers must be able to produce their work files for at least five years - at Above the Notch Appraisals you can rest assured that we adhere to that rule.
We meet or beat the industry standards and rules set in place for professional behavior. We won't accept anything less from ourselves. We have a responsibility not to do assignments on contingency fees. That is, we don'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 perhaps the appraisal industries biggest no-no, because it would invite fraudulent practices since increasing the estimate of the home would up the fee. We set ourselves to a higher standard. Other unethical practices may be defined by state law or professional organizations to which an 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 predetermined 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 assured we are going above and beyond to provide an unbiased determination of the home or property value.
With Above the Notch Appraisals, you won't have any doubts that you're getting 100 percent ethical and professional service.