Honesty and Integrity: The August Group Inc.
Appraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have become more difficult than ever before. So it goes without question these days that real estate appraisal can certainly be dubbed a profession rather than a trade. As with any profession we are bound by an ethical code.
An appraiser's main responsibility is to his or her client. Typically, for a regular residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers are required to only disclosing information to their clients, and as a homeowner, if you want a copy of the appraisal document, you normally have to get it from your lender. Other obligations also include, numerical accuracy depending on the assignment parameters, reaching and keeping a certain level of competency and education, and of course, the appraiser must behave in a professional manner. Here at The August Group Inc., we take these ethical responsibilities very seriously.
The August Group Inc. has worked hard for its reputation for completing appraisals with the highest of ethics. To learn more Contact us
Appraisers will regularly be required to consider the interests of third parties, such as homeowners, sellers and buyers, or others. Typically the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary duty is restricted to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the order.
There are also ethical standards that have nothing to do with clients and others. For example, appraisers must store their work files for a minimum of five years - at The August Group Inc. you can rest assured that we abide by that rule.
While busy with an appraisal, we follow 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 payment on the contingency of the loan closing. Another practice that's restricted is doing assignments on percentage fees. That is perhaps the appraisal professions biggest taboo, because it would tend to make appraisers inflate the value of homes or properties to increase their paycheck. We set ourselves to a higher standard. Other unprofessional practices may be established by state law or professional organizations that the appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also states unethical behavior 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 confident we are going above and beyond to provide an unbiased determination of the home or property value.
With The August Group Inc., you won't have any doubts that you're getting 100 percent ethical, professional service.