Gregory James Company, Inc. maintains the utmost professional ethics
We think of our job as a profession. Requirements to become a licensed appraiser have become more difficult than ever before. So it goes without question these days that real estate appraisal can unquestionably be considered a profession rather than a trade. In our field, as with any profession, we must follow strict ethical considerations.
We have a great deal of obligations as appraisers but our primary duty is to our clients. Normally, for a normal residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you require to obtain a copy of an appraisal report, you should obtain it from your lender. Other obligations also include, numerical accuracy depending on the assignment's nature, reaching and maintaining an adequate level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics and client confidentiality is just normal course of business for us at Gregory James Company, Inc..
Gregory James Company, Inc. has an established track record for providing appraisals with the highest of ethics. To learn more Contact us
There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, including 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 only to those third parties who the appraiser is aware of, based on the scope of work or other written parameters of the job.
Appraisers also have duties outside of boundaries of with whom we share information For example, appraisers must store their work files for at least five years - something else Gregory James Company, Inc. takes very seriously.
We meet or beat the industry standards and rules 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 get paid only if the loan closes. We can't do assignments on percentage fees. That is perhaps the appraisal professions most important rule, because it would invite fraudulent practices since increasing the value of the home would increase the fee. We set ourselves to a higher standard. Other unethical practices may be defined by state law or professional societies that the appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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 follow these rules to the letter which means you can be at ease knowing we are doing everything we can to objectively determine the home or property value.
When you order an appraisal from Gregory James Company, Inc. we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.