Illinois Expert Appraisal 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. That's why it goes without question in this day and age that real estate appraisal can certainly be considered a profession as opposed to a trade. As with any profession we have a strict ethical code.
An appraiser's primary responsibility is to their client.
Normally, for a standard 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.
Certain details pertaining to an assignment are to be discussed exclusively with the appraiser's client. As
a homeowner, if you want a copy of an appraisal report, you normally have to request it from your lender and not the appraiser.
Appraisers will often be required to consider the interests of third parties, such as homeowners, both sellers and buyers, or others. Those third parties normally are spelled out in the appraisal assignment itself. An appraiser's fiduciary role is limited to those parties who the appraiser is aware of, based on the scope of work or other things in the framework of the assignment.
There are also ethical duties that have nothing to do with whom we share information. For example, appraisers must be able to produce their work files for a minimum of five years - something else Illinois Expert Appraisal diligently adheres to.
While working on an order, we follow the highest ethical standards possible. Accepting orders based on contingency fees is never an option. That is, we don't agree to do an appraisal report and collect payment on the contingency of the loan closing. It should be obvious that fabricating a home's value to achieve what amounts to a bigger paycheck is unethical! This isn't how we operate.
Finally, the Uniform Standards of Professional Appraisal Practice explicitly 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 follow these rules to the letter which means you can rest easy knowing we are doing everything we can to get you an accurate home or property value.
As soon as you order an appraisal from Illinois Expert Appraisal, we'll make sure you're getting the professional service you expect along with the honesty and integrity we're known for.