Honesty and Integrity: Accurate Appraisals

Appraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have increased more than ever in the past. That's why it goes without question in this day and age that real estate appraisal can certainly be dubbed a profession as opposed to a trade. As with any profession we are bound by an ethical code.

As appraisers our primary obligation is to his or her client. More often than not, for a regular residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you require to review the appraisal document, you should get it from your lender. Other obligations also include, accurate calculations appropriate to the nature of the report, reaching and maintaining an adequate level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Accurate Appraisals, we take these ethical responsibilities very seriously.

In some cases appraisers will have fiduciary responsibilities to third parties, including homeowners, buyers and sellers, or others. Normally the third parties are clearly defined in the appraisal report. An appraiser's fiduciary responsibility is restricted to those parties who the appraiser knows, based on the scope of work or other written parameters of the order.

Appraisers also have rules outside of boundaries of clients and others. For example, appraisers must keep their work files for a minimum of five years - something else Accurate Appraisals makes a part of their standard routine.

We demand the highest ethical standards possible from ourselves. We never do assignments on contingency fees. That is, we can't agree to do an appraisal report and get paid only if the loan closes. Another practice that's restricted is doing assignments on percentage fees. That is perhaps the appraisal professions most important rule, because it would tend to make appraisers raise the value of homes or properties to increase their paycheck. We don't do that. Other unethical 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," in addition to other situations We diligently follow these rules to the letter which means you can rest easy knowing we are going above and beyond to provide an unbiased determination of the home or property value.

With Accurate Appraisals, you can be assured of 100 percent ethical, honest service.