|
Honesty and Integrity: Appraising is a profession, and appraisers are professionals. The rigors of becoming 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 unquestionably be considered a profession as opposed to a trade. In our field, as with any profession, we have a strict ethical code. An appraiser's main obligation is to their client. Most of the time, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers are privy to a lot of data, and like an attorney can only discuss many matters with their client. As a homeowner, if you would like to obtain a copy of an appraisal report, you should get it from your lender. Other responsibilities also include, accurate sums appropriate to the parameters of the assignment, reaching and keeping a particular level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics is is what we do everyday at On the Mark Appraisals. 
On the Mark Appraisals has worked hard for its reputation for completing appraisals with the highest of ethics. To learn more Contact us Appraisers can also have fiduciary obligations to third parties, such as homeowners, both sellers and buyers, or others. Typically the third parties are specifically defined in the appraisal report. An appraiser's fiduciary responsibility is only to those third parties who the appraiser knows, based on the scope of work or other written parameters of the assignment.
Appraisers also have duties outside of boundaries of clients and others. For example, appraisers must backup their work files for at least five years - at On the Mark Appraisals you can rest assured that we adhere to that rule.
HUD's Unbiased Initiative aims to eliminate discriminatory practices in the housing market, including appraisal bias. This initiative recognizes that biased appraisals can have significant negative impacts on individuals, communities, and the overall economy. By addressing appraisal bias, HUD seeks to ensure that property valuations are accurate and reflect the true market value, regardless of the race, ethnicity, or gender of the property owner or neighborhood. This can help to reduce disparities in homeownership rates, increase access to affordable housing, and promote economic equity. The initiative has led to increased awareness of appraisal bias and the development of strategies to combat it. This includes training appraisers to recognize and address potential biases, providing borrowers with resources to challenge biased appraisals, and implementing policies to hold appraisers accountable for discriminatory practices.
|
Got a Question?
Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.