Honesty and Integrity: Bock Appraisal ServicesAppraising is generally a long term career. Requirements to become a licensed appraiser have become more difficult than ever in the past. That's why it goes without question in this day and age that real estate appraisal can definitely be dubbed a profession rather than a trade. In our field, as with any profession, we have a strict ethical code.
We have quite a few responsibilities as appraisers, but above everything we answer to our clients.
Normally, in residential practice, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
Consequently, appraisers have certain duties of confidentiality to their clients, plus many rules and regulations to which we must adhere. As
a homeowner, if you want to review an appraisal report, you normally have to get it from your lender.
There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, including homeowners, both sellers and buyers, or others. Typically the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary role is limited to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the assignment.
Appraisers also have rules outside of boundaries of with whom we share information For example, appraisers must keep their work files for a minimum of five years - at Bock Appraisal Services you can rest assured that we adhere to that rule.
When busy with an order, we follow the highest ethical standards possible. Doing orders based on contingency fees is not something we can consider. That means we are not able to agree to do an appraisal report and collect payment on the contingency of the loan closing. There's certainly a conflict of interest if an appraiser can report a larger value and then get paid more money! We just don't do it.
Finally, the Uniform Standards of Professional Appraisal Practice clearly describes 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 follow these rules to the letter which means you can be assured we are going above and beyond to objectively determine the home or property value.
When you engage Bock Appraisal Services, we'll make sure you're getting the professional service you expect along with the high ethical standards we're known for.