Gregory James Company, Inc. maintains the utmost professional ethics
Appraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have increased more than ever before. So it goes without question these days that real estate appraisal can definitely be dubbed a profession rather than a trade. As with any profession we have a strict ethical code.
An appraiser's main obligation is to their client. Normally, for a standard residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers are privy to a lot of data, and like an attorney can only discuss many matters with their client. As a homeowner, if you would like to review the appraisal document, you should request it through your lender. Other responsibilities also include, numerical accuracy depending on the assignment's nature, acquiring and maintaining a respectable level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics is just normal course of business for us at Gregory James Company, Inc..
Gregory James Company, Inc. has an established track record for producing appraisals with the highest of ethics. To learn more Contact us
In some cases appraisers will have fiduciary responsibilities to third parties, including homeowners, sellers and buyers, or others. Normally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary duty is only to those third parties who the appraiser is aware of, based on the scope of work or other written parameters of the order.
There are also ethical duties that have nothing to do with whom we share information. For example, appraisers must store their work files for a minimum of five years - at Gregory James Company, Inc. you can rest assured that we abide by that rule.
While working on an order, we follow the highest ethical standards possible. We never do assignments on contingency fees. That is, we are not able to agree to do an appraisal report and collect the fee only if the loan closes. We can't do assignments on percentage fees. That is probably the appraisal industries biggest taboo, because it would tend to make appraisers increase the value of homes or properties to increase their fee. We don't do that. Other unprofessional practices may be established by state law or professional societies 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 be confident we are doing everything we can to provide an unbiased determination of the home or property value.
With Gregory James Company, Inc., you won't have any doubts that you're receiving 100 percent ethical, professional service.