SunGroup Appraisals upholds the utmost professional ethics

Appraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have increased more 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 rather than a trade. As with any profession we are bound by an ethical code.

For an appraiser the main obligation is to his or her client. Most of the time, for a regular residential appraisal, the appraiser's client is the lender ordering the appraisal. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you want to obtain a copy of an appraisal report, you should request it through your lender. Other responsibilities also include, accurate sums appropriate to the scope of the report, reaching and sustaining a respectable level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics and client confidentiality is just normal course of business for us at SunGroup Appraisals.

In some cases appraisers will have fiduciary responsibilities to third parties, including homeowners, buyers and sellers, or others. Generally the third parties are clearly 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 order.

There are also ethical duties that have nothing to do with clients and others. For example, appraisers must be able to produce their work files for at least five years - something else SunGroup Appraisals makes a part of their standard routine.

When creating reports, we follow the highest ethical standards possible. We never do assignments on contingency fees. That is, we are not able to agree to do an appraisal report and collect the fee only if the loan closes. Another practice that's restricted is doing assignments on percentage fees. That is perhaps the appraisal industries biggest taboo, because it would tend to make appraisers raise the value of homes or properties to increase their fee. We don't do that. Other improper practices may be established by state law or professional societies that the appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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," "the amount of a value opinion," as well as other situations. We diligently follow these rules to the letter which means you can rest easy knowing we are doing everything we can to provide an unbiased determination of the home or property value.

As soon as you engage SunGroup Appraisals we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.