Honesty and Integrity: Metropolitan Valuation Services, Inc.Appraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have increased more than ever in the past. So it goes without question in this day and age that real estate appraisal can certainly be considered a profession rather than a trade. As with any profession we must follow strict ethical considerations.
The appraiser's primary obligation is to their client.
Typically, in residential practice, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
It follows that appraisers are privy to a lot of data, and like an attorney, can only discuss many of these matters with their client. As
a homeowner, if you would like a copy of an appraisal report, you normally have to get it via your lender.
Appraisers will frequently be obligated to consider the interests of third parties, such as homeowners, both sellers and buyers, or others. Those third parties normally are defined in scope of 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.
There are also ethical rules that have nothing to do with whom we share information. For example, appraisers must keep their work files for a minimum of five years - at Metropolitan Valuation Services, Inc. you can rest assured that we stick to that rule.
We demand the highest ethical standards possible from ourselves. Doing orders where our fee is dependent on our value conclusion is never an option. That is, we are not able to agree to do an appraisal report and collect payment on the contingency of the loan closing. It should be apparent to anyone that inflating a value to achieve essentially a higher fee is unethical! We set ourselves to a higher standard.
Finally, the Uniform Standards of Professional Appraisal Practice (or simply "USPAP") clearly states 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" as well as other situations. We diligently follow these rules to the letter which means you can be confident we are working hard to provide an unbiased determination of the home or property value.
When you order an appraisal from Metropolitan Valuation Services, Inc., we'll make sure you're getting the professional service you deserve along with the honesty and integrity we're known for.