Bounds Appraisal Service upholds the highest professional ethics

Appraising is typically a long term career. 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 dubbed a profession as opposed to a trade. In our field, as with any profession, we are bound by an ethical code.

The appraiser's primary obligation is to their client. Normally, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have rules and regulations they must follow, including confidentiality for their clients a homeowner, if you require to obtain a copy of an appraisal report, you generally have to obtain it through your lender. Other responsibilities also include, accurate sums appropriate to the nature of the assignment, acquiring and keeping a respectable level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics is standard operating procedure for us at Bounds Appraisal Service.

Appraisers may sometimes have fiduciary obligations to third parties, including homeowners, buyers and sellers, or others. Typically the third parties are specifically defined in the appraisal report. An appraiser's fiduciary roll is only to those parties who the appraiser knows, based on the scope of work or other written parameters of the assignment.

There are also ethical standards that have nothing to do with clients and others. For example, appraisers must be able to produce their work files for at least five years - at Bounds Appraisal Service you can rest assured that we abide by that rule.

Bounds Appraisal Service holds itself to the industry standards and rules set in place for ethics. We can't accept anything less from ourselves. Working on orders that contingency fees is never an option. That is, we can't agree to do an appraisal report and get paid only if the loan closes. Another practice that's restricted is doing assignments on percentage fees. That is perhaps the appraisal industries most important rule, because it would invite appraisal fraud since increasing the value of the home would raise the fee. We set ourselves to a higher standard. Other improper practices may be defined by state law or professional societies to which an appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also defines unethical behavior 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 working hard to objectively determine the home or property value.

With Bounds Appraisal Service, you can be assured of 100 percent ethical, professional service.