Honesty and Integrity: DenverT Appraisal

We consider our our job 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 definitely be dubbed a profession rather than a trade. As with any profession we must follow strict ethical considerations.

As appraisers our chief responsibility is to his or her client. More often than not, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have certain duties of confidentiality to their clients, and as a homeowner, if you require to obtain a copy of an appraisal report, you generally have to obtain it through your lender. Other responsibilities also include, numerical accuracy depending on the assignment parameters, acquiring and keeping a respectable level of competency and education, and the appraiser must conduct him or herself as a professional. Maintaining high ethics and client confidentiality is is what we do everyday at DenverT Appraisal.

Appraisers may also have fiduciary responsibilities to third parties, such as homeowners, buyers and sellers, or others. Typically the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary duty is only to those third parties who the appraiser is aware of, based on the scope of work or other things in the framework of the job.

Appraisers also have standards outside of boundaries of with whom we share information For example, appraisers must backup their work files for at least five years - at DenverT Appraisal you can rest assured that we stick to that rule.

While working on an appraisal, we follow the highest ethical standards possible. 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 probably the appraisal industries biggest taboo, because it would tend to make appraisers up the value of homes or properties to increase their fee. We don't do that. Other unethical practices may be established by state law or professional societies that the appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also states 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," as well as other situations. We diligently follow these rules to the letter which means you can be at ease knowing we are going above and beyond to provide an unbiased determination of the home or property value.

As soon as you engage DenverT Appraisal 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.