For honest and ethical appraisals, count on Smith & Associates Appraisals

We consider our our business a profession. The rigors of becoming a licensed appraiser have become more difficult than ever before. That's why it goes without question in this day and age that real estate appraisal can unquestionably be considered a profession as opposed to a trade. In our field, as with any profession, we have a strict ethical code.

An appraiser's main responsibility is to his or her client. Generally, in residential practice, 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 desire a copy of the appraisal document, you generally have to get it through your lender. Other responsibilities also include, accurate sums appropriate to the parameters of the assignment, reaching and sustaining a respectable level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Smith & Associates Appraisals, we take these ethical responsibilities very seriously.

Appraisers will frequently be required to consider the interests of third parties, such as homeowners, sellers and buyers, or others. Those third parties normally are listed in the appraisal assignment itself. An appraiser's fiduciary roll is only to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the order.

There are also ethical standards that have nothing to do with clients and others. For example, appraisers must keep their work files for a minimum of five years - at Smith & Associates Appraisals you can rest assured that we abide by that rule.

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 collect payment on the contingency of the loan closing. We don't do assignments on percentage fees. That is probably the appraisal professions biggest no-no, because it would invite fraudulent practices since increasing the value of the home would up the fee. We don't do that. Other improper practices may be defined 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," as well as other situations. We follow these rules to the letter which means you can be confident we are doing everything we can to objectively determine the home or property value.

When you request an appraisal from Smith & Associates Appraisals 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.