Taranto Appraisal, Inc. upholds the utmost professional ethicsAppraising is, by and large, a long term career. 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 certainly be dubbed a profession rather than a trade. As with any profession we are bound by an ethical code.
An appraiser's main obligation is to their client.
Typically, for a regular residential appraisal, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
Consequently, appraisers are privy to a lot of information, and like an attorney, can only discuss many of these matters with their client. As
a homeowner, if you want a copy of an appraisal report, you normally have to get it through your lender.
In some cases appraisers will have fiduciary responsibilities to third parties, including homeowners, both sellers and buyers, or others. Generally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary duty is restricted to those third parties who the appraiser is aware of, based on the scope of work or other written parameters of the assignment.
There are also ethical standards that have nothing to do with whom we share information. For example, appraisers must store their work files for a minimum of five years - something else Taranto Appraisal, Inc. makes a part of their standard routine.
We only perform to the highest ethical standards possible. Accepting assignments where our fee is dependent on our value conclusion is never an option. That is, we are not able to agree to do an appraisal report and collect payment on the contingency of the loan closing. It should be obvious 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 also 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" in addition to other situations We diligently follow these rules to the letter which means you can be at ease knowing we are doing everything we can to objectively determine the home or property value.
When you engage Taranto Appraisal, Inc., we'll make sure you're getting the professional service you deserve along with the business principles we're known for.