Appraiser Ethics
For honest and ethical appraisals, rely on Infinity Appraisal Group, LLC
Appraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have increased more than ever before. So it goes without question these days that real estate appraisal can certainly be called a profession rather than a trade. As with any profession we have a strict ethical code.
 
We have quite a few responsibilities as appraisers, but our chief duty is to our clients. Typically, for a regular 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 hired in order to maintain independence. It follows that appraisers have certain duties of privacy to their clients, plus many rules and regulations controlling with whom we share information. As a homeowner, if you would like a copy of the appraisal document, you generally should obtain it through your lender.

Other obligations include accurate calculations appropriate to the parameters of the report, attaining and maintaining a respectable level of competency and education, and naturally, the appraiser must bear a professional demeanor. Here at Infinity Appraisal Group, LLC, we take these ethical responsibilities very seriously.
 
Appraisers can also have fiduciary obligations to third parties, such as homeowners, both buyers and sellers, or others.
Generally the third parties are specifically defined in the appraisal report. An appraiser's fiduciary duty is restricted 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 standards outside of boundaries of clients and others. For example, appraisers must store their work files for a minimum of five years - at Infinity Appraisal Group, LLC you can rest assured that we abide by that rule.
 
We meet or exceed the industry standards and guidelines set in place for professional behavior. We can't accept anything less from ourselves. Working on assignments where our fee is dependent on our value conclusion is never an option. That is, we don't agree to do an appraisal report and collect the fee only if the loan closes. It should be obvious that fabricating a property's value to achieve what amounts to a bigger fee is unethical!
 
Finally, the Uniform Standards of Professional Appraisal Practice explicitly 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 confident we are doing everything we can to provide an unbiased determination of the home or property value.
 
USPAP, which you might hear pronounced like "YOOS-pap," is the Uniform Standards of Professional Appraisal Practice. USPAP is published and maintained by the Appraisal Standards Board (ASB) of the Appraisal Foundation, a non-governmental entity charged by Congress with promulgating appraisal standards.
 
 
USPAP is revised periodically, usually annually, and almost never radically.  It includes sections covering rules, such as an Ethics Rule, a Departure Rule, and a Competency Rule.  It includes Standards, 10 of them, each covering in detail different functions an appraiser might perform ("Real Property Appraisal, Reporting"; "Business Appraisal, Development").  It includes 10 Statements, some retired, which are used to clarify or supplement the Standards.  It also includes Advisory Opinions, such as "When does USPAP apply in valuation services?" and "Clarification of the client in a federally related transaction," which describe real-life problems and how they would be governed under the Rules and Standards of USPAP.
 
Every appraiser is charged with knowing and following USPAP, usually by operation of state law, and must complete Continuing Education periodically to relearn the basics and become familiar with new Advisory Opinions and annual changes to USPAP.  USPAP may be considered the Bible of appraisal practice.
 
As soon as you order an appraisal from Infinity Appraisal Group, LLC, we'll make sure you're getting the professional service you expect along with the high ethical standards we're known for.

Infinity Appraisal Group, LLC has worked hard for its track record for completing competent and ethically superior appraisals.