Galloway Appraisal maintains the highest professional ethics
We consider our our job a profession. Requirements to become a licensed appraiser have increased more than ever before. That's why it goes without question these days that real estate appraisal can certainly be called 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 normal residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have rules and regulations they must follow, including confidentiality for their clients a homeowner, if you desire to review an appraisal report, you normally have to request it through your lender. Other responsibilities also include, numerical accuracy depending on the assignment's nature, 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 standard operating procedure for us at Galloway Appraisal.
Galloway Appraisal has an established track record for completing competent and ethically superior appraisals. To learn more Contact us
There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, such as homeowners, both buyers and sellers, or others. Those third parties normally are defined in scope of 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 assignment.
There are also ethical standards that have nothing to do with whom we share information. For example, appraisers must be able to produce their work files for a minimum of five years - something else Galloway Appraisal makes a part of their standard routine.
We only perform to the highest ethical standards possible. We don't do assignments on contingency fees. That is, we don't 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 probably the appraisal professions most important rule, because it would invite appraisal fraud since raising the value of the home would increase the their paycheck. We don't do that. Other unprofessional practices may be defined by state law or professional organizations 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," in addition to other situations We diligently follow these rules to the letter which means you can rest easy knowing we are working hard to provide an unbiased determination of the home or property value.
With Galloway Appraisal, you won't have any doubts that you're receiving 100 percent ethical, honest service.