Honesty and Integrity: Adam Appraisals

We think of our business as a profession. The rigors of becoming a licensed appraiser have become more difficult 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 rather than a trade. In our field, as with any profession, we have a strict ethical code.

For an appraiser the primary obligation is to his or her client. Typically, in residential practice, the appraiser's client is the lender ordering the appraisal. 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 desire to obtain a copy of the appraisal document, you should obtain it from your lender. Other responsibilities also include, accurate calculations appropriate to the scope of the report, reaching and sustaining an appropriate level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Adam Appraisals, we take these ethical responsibilities very seriously.

Appraisers can also have fiduciary obligations to third parties, such as homeowners, sellers and buyers, or others. Normally the third parties are clearly defined in the appraisal report. An appraiser's fiduciary responsibility is limited to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the assignment.

There are also ethical standards that have nothing to do with clients and others. For example, appraisers must backup their work files for at least five years - something else Adam Appraisals makes a part of their standard routine.

While working on an order, we follow the highest ethical standards possible. Doing assignments on contingency fees is never an option. That is, we don'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 perhaps the appraisal professions most important rule, because it would tend to make appraisers increase the value of homes or properties to increase their paycheck. We set ourselves to a higher standard. Other unprofessional practices may be established by state law or professional organizations to which an appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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 assured we are working hard to provide an unbiased determination of the home or property value.

With Adam Appraisals, you won't have any doubts that you're getting 100 percent ethical, professional service.