Honesty and Integrity: The Appraisal Shoppe

Generally, appraising a long term career. The rigors of becoming a licensed appraiser have become more difficult than ever in the past. That's why it goes without question these days that real estate appraisal can definitely be called a profession as opposed to a trade. As with any profession we must follow strict ethical considerations.

For an appraiser the chief obligation is to his or her client. Typically, for a normal residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers have rules and regulations they must follow, including confidentiality for their clients a homeowner, if you want to review an appraisal report, you should obtain it through your lender. Other responsibilities also include, numerical accuracy depending on the assignment parameters, reaching and keeping a particular level of competency and education, and of course, the appraiser must behave in a professional manner. Here at The Appraisal Shoppe, we take these ethical responsibilities very seriously.

Appraisers will regularly need to consider the interests of third parties, such as homeowners, sellers and buyers, or others. Normally the third parties are clearly defined in the appraisal report. An appraiser's fiduciary responsibility is restricted to those third parties who the appraiser knows, based on the scope of work or other written parameters of the job.

There are also ethical rules that have nothing to do with clients and others. For example, appraisers must be able to produce their work files for a minimum of five years - something else The Appraisal Shoppe takes very seriously.

We only perform to the highest ethical standards possible. Working on assignments that contingency fees is not something we can consider That is, we don'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 probably the appraisal professions most important rule, because it would invite fraudulent practices since raising the value of the home would inflate the fee. We don't do that. Other improper practices may be defined by state law or professional societies that the appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also states a violation in ethics as accepting 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 be at ease knowing we are working hard to objectively determine the home or property value.

With The Appraisal Shoppe, you can be assured of 100 percent ethical, professional service.