Honesty and Integrity: The Appraisal Firm LLC

We consider our what we do a profession. Requirements to become a licensed appraiser have increased more than ever before. That's why it goes without question these days that real estate appraisal can definitely be called a profession rather than a trade. As with any profession we must follow strict ethical considerations.

We have a great deal of obligations as appraisers but our primary duty is to our clients. Typically, for a regular residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers have certain duties of privacy to their clients, and as a homeowner, if you require to obtain a copy of an appraisal report, you should request it from your lender. Other obligations also include, numerical accuracy depending on the assignment's nature, acquiring and sustaining a certain level of competency and education, and the appraiser must conduct him or herself as a professional. Here at The Appraisal Firm LLC, we take these ethical responsibilities very seriously.

In some cases appraisers will have fiduciary responsibilities to third parties, including homeowners, both buyers and sellers, or others. Normally the third parties are specifically defined in the appraisal report. An appraiser's fiduciary roll is only to those parties who the appraiser knows, based on the scope of work or other things in the framework of the order.

Appraisers also have duties outside of boundaries of clients and others. For example, appraisers must keep their work files for at least five years - something else The Appraisal Firm LLC makes a part of their standard routine.

When working on an assignment, we follow the highest ethical standards possible. We have a responsibility not to do assignments on contingency fees. That is, we can't agree to do an appraisal report and collect payment on the contingency of the loan closing. 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 up the value of homes or properties to increase their fee. We don't do that. Other unprofessional practices may be established 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 follow these rules to the letter which means you can be assured we are doing everything we can to objectively determine the home or property value.

As soon as you order an appraisal from The Appraisal Firm LLC we'll make sure you're getting the professional service you expect along with the an ethical approach with appraisals that we're known for.