Honesty and Integrity: Precise Valuations

We think of our job as a profession. Requirements to become a licensed appraiser have increased more than ever in the past. So it goes without question in this day and age 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.

We have a lot of responsibilities as appraisers but above everything we answer to our clients. Normally, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers are required to only disclosing information to their clients, and as a homeowner, if you want to review an appraisal report, you generally have to request it from your lender. Other responsibilities also include, numerical accuracy depending on the assignment's nature, reaching and sustaining an appropriate level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics and client confidentiality is is what we do everyday at Precise Valuations.

In some cases appraisers will have fiduciary responsibilities to third parties, such as homeowners, sellers and buyers, or others. Generally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary duty is only to those parties who the appraiser knows, based on the scope of work or other written parameters of the order.

There are also ethical rules that have nothing to do with whom we share information. For example, appraisers must keep their work files for at least five years - at Precise Valuations you can rest assured that we abide by that rule.

We only perform to the highest ethical standards possible. Working on orders that contingency fees is not something we can consider That is, we are not able to 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 biggest taboo, because it would tend to make appraisers up the value of homes or properties to increase their fee. We don't do that. 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 unethical behavior as the acceptance 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 rest easy knowing we are going above and beyond to objectively determine the home or property value.

With Precise Valuations, you can be assured of 100 percent ethical, professional service.