Equity Appraisals, LLC upholds the utmost professional ethics

Appraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have increased more than ever before. So it goes without question these days that real estate appraisal can definitely be called a profession as opposed to a trade. In our field, as with any profession, we must follow strict ethical considerations.

As appraisers our main responsibility is to his or her client. Typically, for a normal residential appraisal, the appraiser's client is the lender ordering the appraisal. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you desire to review an appraisal report, you should get it from your lender. Other obligations also include, numerical accuracy depending on the assignment parameters, acquiring and keeping a particular level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Equity Appraisals, LLC, we take these ethical responsibilities very to heart.

Appraisers may also have fiduciary obligations to third parties, including homeowners, both sellers and buyers, or others. Normally the third parties are explicitly 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 order.

Appraisers also have standards outside of boundaries of clients and others. For example, appraisers must keep their work files for a minimum of five years - something else Equity Appraisals, LLC diligently adheres to.

While working on an order, we follow the highest ethical standards possible. We never do assignments on contingency fees. That is, we can't agree to do an appraisal report and collect the fee only if the loan closes. We can't do assignments on percentage fees. That is probably the appraisal professions biggest taboo, because it would invite appraisal fraud since raising the estimate of the home would increase the fee. We don't do that. Other improper practices may be established by state law or professional organizations that the appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also states unethical behavior 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 follow these rules to the letter which means you can be confident we are working hard to objectively determine the home or property value.

When you engage Equity Appraisals, 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.