Honesty and Integrity: Gregory James Company, Inc.
Appraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have become more difficult than ever in the past. So it goes without question in this day and age that real estate appraisal can definitely be called a profession as opposed to a trade. As with any profession we must follow strict ethical considerations.
The appraiser's main obligation is to their client. Typically, for a standard residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have certain duties of privacy to their clients, and as a homeowner, if you require to review the appraisal document, you normally have to get it through your lender. Other responsibilities also include, accurate calculations appropriate to the scope of the report, acquiring and maintaining an adequate level of competency and education, and the appraiser must conduct him or herself as a professional. Maintaining high ethics is just normal course of business for us at Gregory James Company, Inc..
Gregory James Company, Inc. has an established reputation for completing competent and ethically superior appraisals. Contact us today to learn more.
Appraisers can also have fiduciary responsibilities to third parties, including homeowners, both sellers and buyers, or others. Normally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary duty is restricted to those parties who the appraiser is aware of, 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 store their work files for a minimum of five years - at Gregory James Company, Inc. you can rest assured that we abide by that rule.
Gregory James Company, Inc. holds itself to the industry standards and rules set in place for professional behavior. We refuse to accept anything less from ourselves. Doing orders on contingency fees is not something we can consider That is, we are not able to 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 professions most important rule, because it would tend to make appraisers increase the value of homes or properties to increase their paycheck. We set ourselves to a higher standard. Other unethical practices may be established by state law or professional organizations that the appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also states 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," as well as other situations. We diligently follow these rules to the letter which means you can be confident we are doing everything we can to provide an unbiased determination of the home or property value.
When you order an appraisal from Gregory James Company, Inc. 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.