For honest and ethical appraisals, rely on Madison Laine Assoc IncAppraising is generally a long term career. Requirements to become a licensed appraiser have increased more than ever in the past. That's why it goes without question these days that real estate appraisal can certainly be called 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 responsibility is to their client.
Typically, in residential practice, the appraiser's client is the lender ordering the appraisal, and often the appraisal is ordered by a third party the lender has hired in order to maintain independence.
It's important to know that a lot of details pertaining to an assignment are to be discussed with the appraiser's client. As
a homeowner, if you would like to obtain a copy of an appraisal report, you generally should request it via your lender instead of the appraiser.
Appraisers can also have fiduciary responsibilities to third parties, including homeowners, sellers and buyers, or others. Those third parties normally are listed in the appraisal assignment itself. 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 things in the framework of the order.
Appraisers also have duties outside of boundaries of clients and others. For example, appraisers must backup their work files for at least five years - at Madison Laine Assoc Inc you can rest assured that we abide by that rule.
Madison Laine Assoc Inc holds itself to the industry standards and mandates set in place for professional behavior. We can't accept anything less from ourselves. Working on orders based on contingency fees is never an option. In other words, we don't agree to do an appraisal report and base our pay upon coming up with a particular value conclusion. It should be obvious that inflating a value to achieve what amounts to a higher fee is unethical!
Finally, the Uniform Standards of Professional Appraisal Practice (or simply "USPAP") also defines unethical behavior 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" in addition to other situations We follow these rules to the letter which means you can be assured we are doing everything we can to get you an accurate home or property value.
When you order an appraisal from Madison Laine Assoc Inc, we'll make sure you're getting the professional service you expect along with the principles we're known for.