Purchasing a home means that you will invest a good portion of your income for many years to come. It will become the place you live, where you raise your family, a sanctuary, and a place of warmth and love. Since all these things are important, you’ll want to make certain your dream home is exactly what you expect. The easiest way to do this is to bring an appraiser to the table. As such, the appraiser you hire should be the best decision for you needs, and provide you with the assurance that they meet the high ethical standards of the industry.
The appraisal industry is often licensed and regulated by the state, and as such has specific industry wide standards that are often seen as mandatory. It is something that a qualified appraiser will take very seriously, since they have the potential to lose their livlihood if they work against the standards presented. The standards presented below are perhaps some of the most well known.
The first ideal that an appraiser must uphold is the idea that their activity cannot cause damage to the profession or the world around them. The goal of any qualified professional appraiser is to give their clients a complete and accurate report about the property condition. The appraisal is required to uncover what is good about the property, and what is required to be repaired or improved.
The next ethical standard is that all the information provided by the appraiser must be unbiased and objective.. Reporting only what would be beneficial to one party or the other is considered bad practice. The appraiser has a greater responsibility to report what he observes, not what he wants to discover. This requirement means that all the information, no matter how bad it looks, should be included in the report, regardless of how it affects the outcome.
The idea of confidentiality is also quite valuable. The confidential relationship between an appraiser and his client means that he can work without undue influence from other interested parties. By ensuring the confidentiality of the client and professional relationship, the appraiser allows the free exchange of information between the parties. This protection allows the appraiser to obtain information and compile a more comprehensive report. Of course, if the information provide is of an illegal nature, indicates a future illegal action, or indicates an immediate danger to life and health, the appraiser is obligated to report the information to the proper authorities.
The final ideal is that appraisers must operate within the laws and regulations of the community of the property, and the industry standards. They are necessary to make sure that their activities do not promote fraud, damage to properties, or endanger the life and health of the community around them.
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