Honesty and Integrity: Precise Appraisals LLC

We think of what we do as a profession. Requirements to become a licensed appraiser have become more difficult than ever in the past. That's why it goes without question these days that real estate appraisal can definitely be considered a profession as opposed to a trade. As with any profession we are bound by ethical considerations.

We have a great deal of responsibilities as appraisers but first and foremost we answer to our clients. More often than not, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers are privy to a lot of data, and like an attorney can only discuss many matters with their client. As a homeowner, if you would like a copy of the appraisal document, you should get it from your lender. Other obligations also include, numerical accuracy depending on the scope of the assignment, attaining and keeping a respectable level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Precise Appraisals LLC, we take these ethical responsibilities very seriously.

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 spelled out in scope of 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 assignment.

There are also ethical duties that have nothing to do with clients and others. For example, appraisers must backup their work files for a minimum of five years - at Precise Appraisals LLC you can rest assured that we stick to that rule.

Precise Appraisals LLC holds itself to the industry standards and rules set in place for ethics. We won't accept anything less 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 perhaps the appraisal industries biggest taboo, because it would invite fraudulent practices since increasing the value of the home would raise the fee. We set ourselves to a higher standard. 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 defines a violation in ethics 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 confident we are doing everything we can to provide an unbiased determination of the home or property value.

As soon as you order an appraisal from Precise Appraisals LLC 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.