Appraiser SP, LLC upholds the utmost professional ethics

By and large, appraising a long term career. The rigors of becoming a licensed appraiser have become more difficult than ever before. So it goes without question in this day and age that real estate appraisal can certainly be called a profession as opposed to a trade. As with any profession we have a strict ethical code.

The appraiser's main obligation is to their client. More often than not, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers are privy to a lot of information, and like an attorney can only discuss many matters with their client. As a homeowner, if you require a copy of an appraisal report, you should request it through your lender. Other responsibilities also include, accurate sums appropriate to the scope of the report, attaining and maintaining a certain level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Appraiser SP, LLC, we take these ethical responsibilities very to heart.

Appraisers can also have fiduciary responsibilities to third parties, such as homeowners, both sellers and buyers, or others. Typically the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary duty is restricted to those third parties who the appraiser is aware of, based on the scope of work or other written parameters of the job.

There are also ethical duties that have nothing to do with clients and others. For example, appraisers must store their work files for a minimum of five years - something else Appraiser SP, LLC makes a part of their standard routine.

When creating reports, we follow the highest ethical standards possible. We have a responsibility not to 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. Another practice that's restricted is doing assignments on percentage fees. That is perhaps the appraisal industries biggest no-no, because it would invite fraudulent practices since increasing the estimate of the home would inflate the their paycheck. We set ourselves to a higher standard. Other unethical practices may be established by state law or professional organizations 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," in addition to other situations We diligently follow these rules to the letter which means you can be confident we are going above and beyond to objectively determine the home or property value.

As soon as you request an appraisal from Appraiser SP, LLC we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.