Maryann Ostolaza Appraisal Services, Inc. upholds the highest professional ethicsWe consider what we do as a profession. Requirements to become a licensed appraiser have increased more than ever before. So it goes without question these days that real estate appraisal can unquestionably be called a profession rather than a trade. As with any profession we must follow strict ethical considerations.
We have a great deal of responsibilities as appraisers, but our primary duty is to our clients.
Typically, in residential practice, the appraiser's client is the lender ordering the appraisal, and often the appraisal is ordered by a third party the lender has retained to maintain independence.
Thereon, appraisers are typically restricted to only disclosing their findings to their clients, so as
a homeowner, if you want to review an appraisal report, you generally should obtain it from your lender and not the appraiser.
Appraisers may often have fiduciary obligations to third parties, such as homeowners, buyers and sellers, or others. Generally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary responsibility is restricted to those third parties who the appraiser is aware of, based on the scope of work or other things in the framework of the job.
There are also ethical duties that have nothing to do with whom we share information. For example, appraisers must be able to produce their work files for at least five years - at Maryann Ostolaza Appraisal Services, Inc. you can rest assured that we stick to that rule.
We meet or exceed the industry standards and mandates set in place for professional behavior. We refuse to accept anything less from ourselves. Accepting orders where our fee is dependent on our value conclusion is never an option. In other words, we can't agree to do an appraisal report and get paid only if the loan closes. There's a definite conflict of interest if an appraiser can report a larger value and then get paid more money!
Finally, the Uniform Standards of Professional Appraisal Practice explicitly states a violation in ethics 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 assured we are going above and beyond to provide an unbiased determination of the home or property value.
When you engage Maryann Ostolaza Appraisal Services, Inc., we'll make sure you're getting the professional service you expect along with the high ethical standards we're known for.