Ethics, it's what Wenzel Appraisal Services, Inc. is all about for the Southern California region.
Appraising is a profession, and appraisers are professionals. The rigors of becoming 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 unquestionably be dubbed a profession rather than a trade. As with any profession we must follow strict ethical considerations.
For an appraiser the main responsibility is to his or her client. Most of the time, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers have rules and regulations they must follow, including confidentiality for their clients a homeowner, if you require to obtain a copy of the appraisal document, you normally have to obtain it from your lender. Other obligations also include, accurate calculations appropriate to the nature of the report, attaining and sustaining an appropriate level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Wenzel Appraisal Services, Inc., we take these ethical responsibilities very seriously.
Wenzel Appraisal Services, Inc. has an established track record for performing competent and ethically superior appraisals. Contact us today to learn more.
Appraisers can also have fiduciary responsibilities to third parties, such as homeowners, both buyers and sellers, or others. Those third parties normally are defined in scope of the appraisal assignment itself. An appraiser's fiduciary duty is limited to those parties who the appraiser knows, based on the scope of work or other written parameters of the job.
Appraisers also have standards outside of boundaries of clients and others. For example, appraisers must backup their work files for a minimum of five years - something else Wenzel Appraisal Services, Inc. makes a part of their standard routine.
We meet or beat the industry standards and guidelines set in place for ethics. We won't accept anything less from ourselves. We never 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. We don't do assignments on percentage fees. That is probably the appraisal professions most important rule, because it would invite fraudulent practices since raising the estimate of the home would increase the their paycheck. We don't do that. Other unprofessional practices may be defined 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 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," "the amount of a value opinion," in addition to other situations We follow these rules to the letter which means you can rest easy knowing we are working hard to provide an unbiased determination of the home or property value.
When you request an appraisal from Wenzel Appraisal Services, Inc. we'll make sure you're getting the professional service you expect along with the an ethical approach that cares for the client and presents quality appraisals representative of our reputation.