Honesty and Integrity: Residential Appraisal Service, LLC

We consider our what we do a profession. The rigors of becoming a licensed appraiser have increased more than ever before. So it goes without question in this day and age that real estate appraisal can unquestionably be dubbed a profession rather than a trade. In our field, as with any profession, we have a strict ethical code.

We have a lot of obligations as appraisers but first and foremost we answer to our clients. Typically, for a regular residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you require to review an appraisal report, you should get it from your lender. Other obligations also include, numerical accuracy depending on the scope of the assignment, attaining and maintaining an adequate level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Residential Appraisal Service, LLC, we take these ethical responsibilities very to heart.

Appraisers will sometimes be required to consider the interests of third parties, such as homeowners, sellers and buyers, or others. Typically the third parties are clearly 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 written parameters of the order.

There are also ethical rules that have nothing to do with clients and others. For example, appraisers must store their work files for at least five years - at Residential Appraisal Service, LLC you can rest assured that we adhere to that rule.

We require the highest professional integrity possible from ourselves. Working on orders that contingency fees is not something we can consider That is, we can't agree to do an appraisal report and collect payment on the contingency of the loan closing. We don't do assignments on percentage fees. That is probably the appraisal industries most important rule, 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 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 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," in addition to other situations We diligently follow these rules to the letter which means you can be assured we are going above and beyond to provide an unbiased determination of the home or property value.

As soon as you engage Residential Appraisal Service, 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.