Honesty and Integrity: Elliott Real Estate Appraisals

Appraising is generally a long term career. Requirements to become a licensed appraiser have increased more than ever before. So it goes without question these days that real estate appraisal can unquestionably be considered a profession rather than a trade. In our field, as with any profession, we must follow strict ethical considerations.

The appraiser's primary obligation is to his or her client. Typically, for a standard residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers have rules and regulations they must follow, including confidentiality for their clients a homeowner, if you require to obtain a copy of the appraisal document, you should get it from your lender. Other responsibilities also include, numerical accuracy depending on the assignment's nature, acquiring and sustaining an appropriate level of competency and education, and the appraiser must conduct him or herself as a professional. Maintaining high ethics is is what we do everyday at Elliott Real Estate Appraisals.

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

There are also ethical duties that have nothing to do with clients and others. For example, appraisers must keep their work files for at least five years - at Elliott Real Estate Appraisals you can rest assured that we abide by that rule.

We require the highest professional integrity possible from ourselves. We don't 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 perhaps the appraisal professions most important rule, because it would tend to make appraisers inflate the value of homes or properties to increase their paycheck. We don't do that. Other unprofessional practices may be defined by state law or professional organizations that the appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also states a violation in ethics 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," as well as other situations. We diligently follow these rules to the letter which means you can be assured we are working hard to objectively determine the home or property value.

With Elliott Real Estate Appraisals, you can be assured of 100 percent ethical, professional service.