Prime Valuation Center maintains the highest professional ethics

Appraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have increased more than ever before. That's why it goes without question in this day and age that real estate appraisal can unquestionably be dubbed a profession as opposed to a trade. As with any profession we have a strict ethical code.

As appraisers our chief obligation is to their client. Typically, for a regular residential appraisal, the appraiser's client is the lender ordering the appraisal. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you want to review the appraisal document, you normally have to obtain it through your lender. Other responsibilities also include, numerical accuracy depending on the assignment's nature, reaching and maintaining a certain level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics is is what we do everyday at Prime Valuation Center.

Appraisers will sometimes need to consider the interests of third parties, including homeowners, buyers and sellers, or others. Normally the third parties are explicitly defined in the appraisal report. 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 job.

Appraisers also have standards outside of boundaries of with whom we share information For example, appraisers must backup their work files for at least five years - something else Prime Valuation Center makes a part of their standard routine.

When working on an order, we follow the highest ethical standards possible. Working on assignments that contingency fees is not something we can consider That is, we can't agree to do an appraisal report and collect payment on the contingency of the loan closing. Another practice that's restricted is doing assignments on percentage fees. That is perhaps the appraisal industries most important rule, because it would tend to make appraisers inflate the value of homes or properties to increase their fee. We don't do that. Other improper practices may be established 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 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," "the amount of a value opinion," as well as other situations. We diligently follow these rules to the letter which means you can be at ease knowing we are going above and beyond to objectively determine the home or property value.

As soon as you order an appraisal from Prime Valuation Center 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.