Honesty and Integrity: Carr Appraisal Services

Appraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have increased more than ever before. So it goes without question these days that real estate appraisal can definitely be dubbed a profession as opposed to a trade. In our field, as with any profession, we have a strict ethical code.

We have many obligations as appraisers but our primary duty is to our clients. Most of the time, for a typical residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers are required to only disclosing information to their clients, and as a homeowner, if you want to review an appraisal report, you generally have to request it from your lender. Other responsibilities also include, numerical accuracy depending on the assignment parameters, reaching and keeping a respectable level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Carr Appraisal Services, we take these ethical responsibilities very to heart.

Appraisers will regularly need to consider the interests of third parties, such as homeowners, sellers and buyers, or others. Generally the third parties are clearly defined in the appraisal report. An appraiser's fiduciary roll is only to those third parties who the appraiser knows, based on the scope of work or other written parameters of the job.

There are also ethical standards that have nothing to do with clients and others. For example, appraisers must store their work files for a minimum of five years - something else Carr Appraisal Services diligently adheres to.

Carr Appraisal Services holds itself to the industry standards and rules set in place for ethics. We refuse to accept anything less from ourselves. Doing assignments on contingency fees is never an option. That is, we can't agree to do an appraisal report and collect payment on the contingency of the loan closing. We can't do assignments on percentage fees. That is probably the appraisal industries most important rule, because it would invite fraudulent practices since increasing the value of the home would increase the fee. We set ourselves to a higher standard. Other unprofessional practices may be defined by state law or professional societies that the appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also states 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," as well as other situations. We follow these rules to the letter which means you can rest easy knowing we are going above and beyond to objectively determine the home or property value.

When you engage Carr Appraisal Services we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.