Barrett & Company upholds the utmost professional ethics
We think of our business as a profession. Requirements to become a licensed appraiser have become more difficult than ever before. So it goes without question these days that real estate appraisal can certainly be considered a profession rather than a trade. As with any profession we are bound by an ethical code.
As appraisers our main obligation is to their client. Typically, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers are privy to a lot of data, and like an attorney can only discuss many matters with their client. As a homeowner, if you would like a copy of an appraisal report, you should obtain it from your lender. Other obligations also include, accurate figures appropriate to the scope of the assignment, attaining and maintaining a respectable level of competency and education, and the appraiser must conduct him or herself as a professional. Maintaining high ethics is is what we do everyday at Barrett & Company.
Barrett & Company has worked hard for its track record for producing competent and ethically superior appraisals. To learn more Contact us
Appraisers may also have fiduciary responsibilities to third parties, including homeowners, buyers and sellers, or others. Generally the third parties are clearly defined in the appraisal report. An appraiser's fiduciary duty is restricted to those third parties who the appraiser is aware of, based on the scope of work or other things in the framework of the assignment.
Appraisers also have duties outside of boundaries of with whom we share information For example, appraisers must backup their work files for at least five years - something else Barrett & Company makes a part of their standard routine.
We demand 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 the fee only if the loan closes. We don't do assignments on percentage fees. That is probably the appraisal industries most important rule, because it would tend to make appraisers increase the value of homes or properties to increase their fee. We set ourselves to a higher standard. Other improper practices may be established by state law or professional organizations to which an appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also states a violation in ethics as the acceptance 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 be at ease knowing we are doing everything we can to objectively determine the home or property value.
With Barrett & Company, you won't have any doubts that you're getting 100 percent ethical, honest service.