Cooper Appraisal Company, Inc. maintains the utmost professional ethicsBy and large, appraising is a long term career. The rigors of becoming a licensed appraiser have become more difficult than ever in the past. That's why it goes without question these days that real estate appraisal can definitely be considered a profession rather than a trade. As with any profession we are bound by ethical considerations.
An appraiser's main responsibility is to their client.
More often than not, for a standard residential appraisal, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
Certain details relating to an assignment are to be discussed exclusively with the appraiser's client. So, as
a homeowner, if you desire a copy of the appraisal document, you generally have to request it via your lender and not the appraiser.
Appraisers will regularly need to consider the interests of third parties, such as 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 third parties who the appraiser is aware of, based on the scope of work or other things in the framework of the assignment.
There are also ethical duties that have nothing to do with whom we share information. For example, appraisers must be able to produce their work files for a minimum of five years - something else Cooper Appraisal Company, Inc. diligently adheres to.
We meet or exceed the industry standards and rules set in place for professional behavior. We won't accept anything less from ourselves. Doing orders based on contingency fees is not something we can consider. In other words, we don't agree to do an appraisal report and collect payment on the contingency of the loan closing. There's an obvious conflict of interest if an appraiser can report a larger value with the reward of getting paid more money! This isn't how we operate.
Finally, the Uniform Standards of Professional Appraisal Practice clearly 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", or "the amount of a value opinion" as well as other situations. We follow these rules to the letter which means you can be confident we are going above and beyond to provide an unbiased determination of the home or property value.
When you order an appraisal from Cooper Appraisal Company, Inc., we'll make sure you're getting the professional service you deserve along with the business principles we're known for.