Hackney Appraisal Service upholds the utmost professional ethicsWe think of what we do as a profession. The rigors of becoming a licensed appraiser have increased more than ever in the past. So it goes without question these days that real estate appraisal can definitely be dubbed a profession rather than a trade. In our field, as with any profession, we must follow strict ethical considerations.
An appraiser's main responsibility is to their client.
Typically, in residential practice, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
It follows that appraisers are privy to a lot of data, and like an attorney, can only discuss many of these matters with their client. As
a homeowner, if you desire to review an appraisal report, you generally should obtain it via your lender and not the appraiser.
Appraisers may often have fiduciary responsibilities to third parties, including homeowners, buyers and sellers, or others. Those third parties normally are defined in scope of the appraisal assignment itself. An appraiser's fiduciary duty is restricted to those parties who the appraiser knows, based on the scope of work or other written parameters of the assignment.
There are also ethical duties that have nothing to do with clients and others. For example, appraisers must keep their work files for at least five years - something else Hackney Appraisal Service takes very seriously.
Hackney Appraisal Service holds itself to the industry standards and rules set in place for ethics. We refuse to accept anything less from ourselves. Accepting assignments where our fee is dependent on our value conclusion is never an option. In other words, we don't agree to do an appraisal report and get paid only if the loan closes. Anyone should be able to see that inflating a value to achieve what amounts to a bigger fee is unethical! We just don't do it.
Finally, the Uniform Standards of Professional Appraisal Practice (or simply "USPAP") explicitly defines 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 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 Hackney Appraisal Service, we'll make sure you're getting the professional service you deserve along with the honesty and integrity we're known for.