Generally speaking, an appraisal is an independent and unbiased opinion of property value based on research conducted by a professional appraiser.
Appraisal is a profession, and appraisers are professionals. The Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) of Appraisal Institute of Canada (AIC) defines ethical rules, such as it is unethical for a member “to disclose results of an assignment to anyone but the client, except with the client’s permission”, “to accept an appraisal assignment that is contingent on the result”, ete. All appraisers at Best Home Appraisals are member of the Institute and bounded by its ethical rules.
An appraiser’s primary responsibility is to his or her client. In residential practice, “The client is generally the party or parties ordering the appraisal report. It does not matter who pays for the work”. Appraisers have certain duties of confidentiality to their clients. As a homeowner, if you want a copy of an appraisal report, you normally have to request it through your lender or broker. However, “A party receiving a report copy from the client does not, as a consequence, become a party to the client relationship”. At Best Home Appraisals, we take these ethical responsibilities very seriously.
Appraisers may also have fiduciary obligations to third parties, such as homeowners, both buyers and sellers, or others. Those third parties normally are spelled out in 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 assignment.
There are ethical rules that have nothing to do with clients and others. Appraisers must retain their work-files for a period of at least seven (7) years after preparation or at least two (2) years after final disposition of any judicial proceeding.
We only perform to the highest ethical standards as possible. We do NOT do assignments on contingency fees. We do NOT do assignments on percentage fees. This means you can be assured we are working to objectively in giving opinions on the property values.
You can be assured of 100 percent ethical, professional service from Best Home Appraisals.