Honesty and Integrity: Appraisal Services

We consider our our job a profession. The rigors of becoming a licensed appraiser have increased more than ever before. So it goes without question these days that real estate appraisal can definitely be dubbed a profession rather than a trade. As with any profession we have a strict ethical code.

We have a lot of obligations as appraisers but our main duty is to our clients. Most of the time, for a regular residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers have rules and regulations they must follow, including keeping many matters private for their clients a homeowner, if you require to obtain a copy of an appraisal report, you should get it from your lender. Other obligations also include, accurate calculations appropriate to the parameters of the assignment, reaching and sustaining an appropriate level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Appraisal Services, we take these ethical responsibilities very seriously.

There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, such as homeowners, both sellers and buyers, or others. Those third parties normally are defined in the appraisal assignment itself. An appraiser's fiduciary roll is limited to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the assignment.

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 - something else Appraisal Services diligently adheres to.

We only perform to the highest ethical standards possible. We don't do assignments on contingency fees. That is, we are not able to agree to do an appraisal report and get paid only if the loan closes. We don't do assignments on percentage fees. That is perhaps the appraisal professions biggest taboo, because it would invite fraudulent practices since raising the value of the home would increase the their paycheck. We don't do that. Other unprofessional practices may be defined by state law or professional organizations that the appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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," "the amount of a value opinion," as well as other situations. We diligently follow these rules to the letter which means you can rest easy knowing we are working hard to objectively determine the home or property value.

With Appraisal Services, you can be assured of 100 percent ethical, honest service.