Honesty and Integrity: Kent Watson AppraisalsWe think of what we do as a profession. 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 definitely be considered a profession as opposed to a trade. In our field, as with any profession, we have a strict ethical code.
An appraiser's main responsibility is to their client.
Normally, for a typical residential appraisal, the appraiser's client is the lender ordering the appraisal, and often the appraisal is ordered by a third party the lender has contracted in order to maintain independence.
Consequently, appraisers have certain duties of privacy to their clients, plus strict rules and regulations controlling with whom we share information. So, as
a homeowner, if you want to review an appraisal report, you generally should get it via your lender instead of the appraiser.
Appraisers can sometimes have fiduciary obligations to third parties, such as homeowners, buyers and sellers, or others. Those third parties normally are spelled out in scope of the appraisal assignment itself. An appraiser's fiduciary role is limited to those parties who the appraiser knows, based on the scope of work or other things in the framework of the job.
Appraisers also have rules outside of boundaries of with whom we share information For example, appraisers must backup their work files for at least five years - something else Kent Watson Appraisals diligently adheres to.
Kent Watson Appraisals holds itself to the industry standards and guidelines set in place for ethics. We won't accept anything less from ourselves. Doing orders based on contingency fees is not something we can consider. That is, we don't agree to do an appraisal report and collect the fee only if the loan closes. Anyone should be able to see that fabricating a home's value to achieve essentially a bigger fee is unethical! We set ourselves to a higher standard.
Finally, the Uniform Standards of Professional Appraisal Practice explicitly 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", or "the amount of a value opinion" in addition to other situations We follow these rules to the letter which means you can be at ease knowing we are going above and beyond to objectively determine the home or property value.
When you engage Kent Watson Appraisals, we'll make sure you're getting the professional service you expect along with the honesty and integrity we're known for.