Appraisal LTD maintains the highest professional ethics

Appraising is a profession, and appraisers are professionals. 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 considered a profession rather than a trade. As with any profession we have a strict ethical code.

We have many responsibilities as appraisers but our primary duty is to our clients. Typically, in residential practice, 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 a copy of an appraisal report, you should obtain it through your lender. Other obligations also include, numerical accuracy depending on the scope of the assignment, attaining and maintaining a certain level of competency and education, and the appraiser must conduct him or herself as a professional. Maintaining high ethics is standard operating procedure for us at Appraisal LTD.

Appraisers will regularly be obligated to consider the interests of third parties, including homeowners, sellers and buyers, or others. Generally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary duty 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 clients and others. For example, appraisers must store their work files for at least five years - at Appraisal LTD you can rest assured that we adhere to that rule.

We demand the highest ethical standards possible from ourselves. Working on assignments that contingency fees is never an option. That is, we can't agree to do an appraisal report and collect payment on the contingency of the loan closing. We can't do assignments on percentage fees. That is probably the appraisal industries most important rule, because it would tend to make appraisers up the value of homes or properties to increase their fee. We set ourselves to a higher standard. Other improper practices may be established by state law or professional societies that the appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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," in addition to other situations We diligently follow these rules to the letter which means you can be at ease knowing we are going above and beyond to objectively determine the home or property value.

As soon as you engage Appraisal LTD 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.