 Bohning Appraisals upholds the highest professional ethicsWe consider our business as a profession. Requirements to become a licensed appraiser have become more difficult than ever in the past. So it goes without question these days that real estate appraisal can certainly be called a profession as opposed to a trade. As with any profession we are bound by an ethical code.
The appraiser's primary obligation is to their client.
More often than not, in residential practice, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
Consequently, 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 want to obtain a copy of an appraisal report, you generally have to request it through your lender instead of the appraiser.
Appraisers can regularly have fiduciary obligations to third parties, including homeowners, both buyers and sellers, or others. Generally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary responsibility is restricted to those third parties who the appraiser is aware of, based on the scope of work or other written parameters of the order.
Appraisers also have standards outside of boundaries of with whom we share information For example, appraisers must keep their work files for at least five years - something else Bohning Appraisals makes a part of their standard routine. Bohning Appraisals holds itself to the industry standards and rules set in place for professional behavior. We can't accept anything less from ourselves. Accepting assignments based on contingency fees is not something we can consider. That means we are not able to agree to do an appraisal report and collect payment on the contingency of the loan closing. There's certainly a conflict of interest if an appraiser can report an unsubstantiated value and then get paid more money! This isn't how we operate. Finally, the Uniform Standards of Professional Appraisal Practice also defines 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", or "the amount of a value opinion" as well as other situations. We diligently follow these rules to the letter which means you can rest easy knowing we are doing everything we can to objectively determine the home or property value. With Bohning Appraisals, you won't have any doubts that you're receiving 100 percent ethical, professional service. |
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