For honest and ethical appraisals, count on Di Cicco & Associates
Appraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have become more difficult than ever in the past. So it goes without question in this day and age that real estate appraisal can certainly be called a profession as opposed to a trade. As with any profession we are bound by an ethical code.
As appraisers our chief responsibility is to his or her client. Most of the time, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers have rules and regulations they must follow, including keeping many matters private for their clients a homeowner, if you would like a copy of the appraisal document, you should get it through your lender. Other obligations also include, accurate figures appropriate to the scope of the assignment, acquiring and keeping an appropriate level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics and client confidentiality is standard operating procedure for us at Di Cicco & Associates.
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Appraisers can also have fiduciary responsibilities to third parties, such as homeowners, both buyers and sellers, or others. Generally the third parties are clearly defined in the appraisal report. An appraiser's fiduciary responsibility is only 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 standards that have nothing to do with clients and others. For example, appraisers must be able to produce their work files for at least five years - something else Di Cicco & Associates makes a part of their standard routine.
We only perform to the highest ethical standards possible. We don't do assignments on contingency fees. That is, we are not able to agree to do an appraisal report and collect payment on the contingency of the loan closing. We don't do assignments on percentage fees. That is probably the appraisal industries biggest taboo, because it would tend to make appraisers up the value of homes or properties to increase their fee. We set ourselves to a higher standard. Other unethical practices may be established by state law or professional organizations to which an appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also defines a violation in ethics 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," "the amount of a value opinion," as well as other situations. We diligently follow these rules to the letter which means you can be assured we are doing everything we can to objectively determine the home or property value.
With Di Cicco & Associates, you won't have any doubts that you're getting 100 percent ethical, honest service.