Honesty and Integrity: Ring and AssociatesWe think of what we do as a profession. Requirements to become a licensed appraiser have increased more than ever in the past. That's why it goes without question these days that real estate appraisal can unquestionably be called a profession rather than a trade. In our field, as with any profession, we have a strict ethical code.
We have a great deal of responsibilities as appraisers, but our primary duty is to our clients.
Generally, 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 retained to maintain independence.
Certain details relating to an assignment are to be shared with the appraiser's client. So, as
a homeowner, if you desire to review the appraisal document, you normally should get it via your lender instead of the appraiser.
Appraisers will often need to consider the interests of third parties, including homeowners, both sellers and buyers, or others. Generally the third parties are clearly defined in the appraisal report. An appraiser's fiduciary role is limited to those third parties who the appraiser knows, based on the scope of work or other written parameters of the order.
There are also ethical rules that have nothing to do with clients and others. For example, appraisers must store their work files for at least five years - something else Ring and Associates makes a part of their standard routine.
We require the highest professional integrity possible from ourselves. Accepting orders where our fee is dependent on our value conclusion is not something we can consider. In other words, we are not able to agree to do an appraisal report and base our pay upon coming up with a particular value conclusion. Anyone should be able to see that inflating a value to achieve essentially a higher fee is unethical! We just don't do it.
Finally, the Uniform Standards of Professional Appraisal Practice (or simply "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", or "the amount of a value opinion" in addition to other situations We diligently follow these rules to the letter which means you can rest easy knowing we are working hard to provide an unbiased determination of the home or property value.
As soon as you request an appraisal from Ring and Associates, we'll make sure you're getting the professional service you deserve along with the honesty and integrity we're known for.