Nordquist Appraisal LLC upholds the highest professional ethics
Appraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have become more difficult than ever in the past. So it goes without question these days that real estate appraisal can certainly be considered a profession as opposed to a trade. As with any profession we are bound by an ethical code.
We have quite a few responsibilities as appraisers but our primary duty is to our clients. Typically, for a standard residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have certain duties of confidentiality to their clients, and as a homeowner, if you would like to obtain a copy of the appraisal document, you should request it from your lender. Other responsibilities also include, accurate calculations appropriate to the parameters of the assignment, attaining and maintaining an adequate level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Nordquist Appraisal LLC, we take these ethical responsibilities very seriously.
Nordquist Appraisal LLC has worked hard for its reputation for completing competent and ethically superior appraisals. To learn more Contact us
Appraisers may regularly have fiduciary obligations to third parties, including homeowners, sellers and buyers, or others. Those third parties normally are listed in scope of the appraisal assignment itself. An appraiser's fiduciary roll is restricted to those third parties who the appraiser knows, based on the scope of work or other written parameters of the job.
There are also ethical standards that have nothing to do with whom we share information. For example, appraisers must store their work files for a minimum of five years - something else Nordquist Appraisal LLC takes very seriously.
We demand the highest ethical standards possible from ourselves. Doing assignments on contingency fees is never an option. That is, we can't agree to do an appraisal report and get paid only if the loan closes. We don't do assignments on percentage fees. That is probably the appraisal professions most important rule, because it would tend to make appraisers increase the value of homes or properties to increase their paycheck. We don't do that. Other unprofessional practices may be defined by state law or professional organizations to which an appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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," "the amount of a value opinion," as well as other situations. We diligently follow these rules to the letter which means you can be confident we are working hard to objectively determine the home or property value.
When you engage Nordquist Appraisal LLC we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.