Honesty and Integrity: Arrow Appraisals LLCGenerally, appraising is a long term career. 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 definitely be dubbed a profession rather than a trade. In our field, as with any profession, we are bound by an ethical code.
We have a great deal of responsibilities as appraisers, but our chief duty is to our clients.
More often than not, for a standard residential appraisal, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
It's important to know that many details relating to an assignment are to be shared exclusively with the appraiser's client. So, as
a homeowner, if you desire a copy of an appraisal report, you generally should obtain it via your lender.
In some cases appraisers will have fiduciary responsibilities to third parties, including homeowners, both sellers and buyers, or others. Those third parties normally are listed in scope of the appraisal assignment itself. An appraiser's fiduciary duty is limited to those third parties who the appraiser knows, based on the scope of work or other written parameters of the job.
Appraisers also have rules outside of boundaries of clients and others. For example, appraisers must be able to produce their work files for a minimum of five years - something else Arrow Appraisals LLC makes a part of their standard routine.
We meet or exceed the industry standards and rules set in place for professional behavior. We won't accept anything less from ourselves. Working on assignments based on contingency fees is not something we can consider. That is, we can't agree to do an appraisal report and get paid only if the loan closes. There's an obvious conflict of interest if an appraiser can report a larger value with the reward of getting paid more money!
Finally, the Uniform Standards of Professional Appraisal Practice clearly 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 confident we are working hard to objectively determine the home or property value.
As soon as you order an appraisal from Arrow Appraisals LLC, we'll make sure you're getting the professional service you deserve along with the honesty and integrity we're known for.