Meier Appraisal Service, Inc. upholds the highest professional ethicsAppraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have become more difficult than ever before. So it goes without question these days that real estate appraisal can unquestionably be dubbed a profession rather than a trade. In our field, as with any profession, we are bound by an ethical code.
We have quite a few responsibilities as appraisers, but our chief duty is to our clients.
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 retained to maintain independence.
It's important to know that certain details pertaining to an assignment are to be discussed exclusively with the appraiser's client. So, as
a homeowner, if you want to review an appraisal report, you generally should request it through your lender instead of the appraiser.
Appraisers may also have fiduciary obligations to third parties, including homeowners, sellers and buyers, or others. Generally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary duty is restricted to those 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 be able to produce their work files for a minimum of five years - at Meier Appraisal Service, Inc. you can rest assured that we adhere to that rule.
We meet or exceed the industry standards and guidelines set in place for ethics. We refuse to accept anything less from ourselves. Doing assignments based on contingency fees is not something we can consider. That means we can't agree to do an appraisal report and collect the fee only if the loan closes. There's certainly a conflict of interest if an appraiser can report a greater value and then get paid more money! We just don't do it.
Finally, the Uniform Standards of Professional Appraisal Practice clearly states 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", or "the amount of a value opinion" in addition to other situations We diligently follow these rules to the letter which means you can be confident we are doing everything we can to get you an accurate home or property value.
With Meier Appraisal Service, Inc., you won't have any doubts that you're receiving 100 percent ethical, professional service.