Honesty and Integrity: Dempsey, Cooper & Lane, LLCWe think of our job as a profession. The rigors of becoming a licensed appraiser have become more difficult than ever before. That's why it goes without question these days that real estate appraisal can unquestionably be dubbed a profession as opposed to a trade. In our field, as with any profession, we are bound by ethical considerations.
The appraiser's primary responsibility is to their client.
Most of the time, for a standard residential appraisal, the appraiser's client is the lender ordering the appraisal, and often the appraisal is ordered by a third party the lender has brought in to maintain independence.
Subsequently, appraisers have certain duties of privacy to their clients, plus strict rules and regulations to which we must adhere. So, as
a homeowner, if you want a copy of the appraisal document, you normally have to get it from your lender.
Appraisers will sometimes be obligated to consider the interests of third parties, such as homeowners, sellers and buyers, or others. Those third parties normally are defined in the appraisal assignment itself. An appraiser's fiduciary role is only to those parties who the appraiser knows, based on the scope of work or other things in the framework of the order.
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 a minimum of five years - at Dempsey, Cooper & Lane, LLC you can rest assured that we adhere to that rule.
Dempsey, Cooper & Lane, LLC holds itself to the industry standards and rules set in place for ethics. We won't accept anything less from ourselves. Accepting orders based on contingency fees is not something we can consider. That means we are not able to agree to do an appraisal report and collect payment on the contingency of the loan closing. It should be obvious that inflating a value to achieve essentially a bigger paycheck is unethical! We set ourselves to a higher standard.
Finally, the Uniform Standards of Professional Appraisal Practice also 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 confident we are working hard to objectively determine the home or property value.
As soon as you request an appraisal from Dempsey, Cooper & Lane, LLC, we'll make sure you're getting the professional service you expect along with the principles we're known for.