Honesty and Integrity: Baker P. Lee Jr.
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 definitely be considered a profession as opposed to a trade. In our field, as with any profession, we are bound by an ethical code.
An appraiser's main obligation is to their client. Typically, for a regular residential appraisal, 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 review an appraisal report, you generally have to request it through your lender. Other obligations also include, accurate calculations appropriate to the parameters of the assignment, reaching and sustaining an appropriate level of competency and education, and the appraiser must conduct him or herself as a professional. Maintaining high ethics is is what we do everyday at Baker P. Lee Jr..
Baker P. Lee Jr. has worked hard for its track record for producing competent and ethically superior appraisals. Contact us today to learn more.
Appraisers may often have fiduciary obligations to third parties, such as homeowners, both buyers and sellers, or others. Those third parties normally are spelled out in the appraisal assignment itself. 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 order.
Appraisers also have rules outside of boundaries of clients and others. For example, appraisers must keep their work files for a minimum of five years - at Baker P. Lee Jr. you can rest assured that we abide by that rule.
We demand the highest professional integrity possible from ourselves. Working on orders that contingency fees is never an option. That is, we are not able to agree to do an appraisal report and collect the fee only if the loan closes. Another practice that's restricted is doing assignments on percentage fees. That is perhaps the appraisal professions biggest taboo, because it would tend to make appraisers raise the value of homes or properties to increase their fee. We set ourselves to a higher standard. Other improper practices may be defined by state law or professional organizations that the 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," as well as other situations. We diligently follow these rules to the letter which means you can rest easy knowing we are going above and beyond to objectively determine the home or property value.
When you engage Baker P. Lee Jr. we'll make sure you're getting the professional service you expect along with the an ethical approach with appraisals that we're known for.