For honest and ethical appraisals, count on Medina Appraisal CompanyAppraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have increased more than ever before. That's why it goes without question these days that real estate appraisal can unquestionably be considered a profession rather than a trade. In our field, as with any profession, we must follow strict ethical considerations. The appraiser's main responsibility is to his or her client. More often than not, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you would like a copy of the appraisal document, you generally have to get it from your lender. Other responsibilities also include, accurate calculations appropriate to the nature of the report, attaining and keeping a certain level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Medina Appraisal Company, we take these ethical responsibilities very to heart. ![]() Medina Appraisal Company has worked hard for its reputation for performing competent and ethically superior appraisals. Contact us today to learn more. Appraisers will sometimes need to consider the interests of third parties, including homeowners, both sellers and buyers, or others. Those third parties normally are defined in the appraisal assignment itself. An appraiser's fiduciary responsibility is only 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 whom we share information. For example, appraisers must keep their work files for a minimum of five years - at Medina Appraisal Company you can rest assured that we stick to that rule. Medina Appraisal Company holds itself to the industry standards and rules set in place for ethics. We won't accept anything less from ourselves. We don't do assignments on contingency fees. That is, we are not able to agree to do an appraisal report and collect payment on the contingency of the loan closing. Another practice that's restricted is doing assignments on percentage fees. That is perhaps the appraisal professions most important rule, because it would invite fraudulent practices since raising the estimate of the home would raise the fee. We set ourselves to a higher standard. Other unethical practices may be defined by state law or professional societies 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 confident we are doing everything we can to provide an unbiased determination of the home or property value. When you request an appraisal from Medina Appraisal Company 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. |