Appraiser Ethics

In our field as with any profession we are bound by certain ethical considerations. Licensed appraisers work within guidelines (USPAP - Uniform Standards of Professional Appraisal Practice) that dictate how an appraisal is performed and who has access to the information.

An appraiser's primary responsibility is to their client. In residential practice the client is normally the  bank or lending institution.  The lender requests an appraisal to make underwriting decisions concerning use of the your home as collateral for a loan.

Appraisers have certain duties of confidentiality to their clients.  As a homeowner, although you pay for the appraisal, you typically must go through your lender to obtain the report.  We are unable to discuss the analysis or provide a copy without your lender's permission.  Additionally, we can not readdress or in any way alter the report for use by another bank or lending institution. 

Appraisers have an obligation to attain and maintain a certain level of competency and education.  Additionally, they have fiduciary obligations to third parties, such as homeowners, both buyers and sellers, and must form independent and unbiased opinions of value.

The Uniform Standards of Professional Appraisal Practice (USPAP) tells us it is unethical to accept 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," or the "the amount of a value opinion". 

For example, we can not agree to do an appraisal and then get paid only if the loan closes. Nor will we accept assignments that are based on percentage fees.  This means you have assurance that we are working to objectively form an opinion of the value of your home or property.