Honesty and Integrity: Conundrum Appraisals

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 considered a profession as opposed to a trade. As with any profession we have a strict ethical code.

We have a great deal of obligations as appraisers but our chief duty is to our clients. Most of the time, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers have certain duties of confidentiality to their clients, and as a homeowner, if you desire to review an appraisal report, you generally have to request it from your lender. Other obligations also include, accurate figures appropriate to the nature of the report, attaining and sustaining an adequate level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Conundrum Appraisals, we take these ethical responsibilities very to heart.

Appraisers can also have fiduciary obligations to third parties, including homeowners, both sellers and buyers, or others. Typically the third parties are specifically defined in the appraisal report. An appraiser's fiduciary responsibility is only to those parties who the appraiser knows, 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 whom we share information. For example, appraisers must be able to produce their work files for at least five years - something else Conundrum Appraisals makes a part of their standard routine.

Conundrum Appraisals holds itself to the industry standards and guidelines set in place for ethics. We won't accept anything less from ourselves. Working on assignments that contingency fees is not something we can consider That is, we are not able to 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 biggest no-no, because it would tend to make appraisers up the value of homes or properties to increase their paycheck. We set ourselves to a higher standard. Other unethical practices may be established by state law or professional organizations to which an appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also states unethical behavior 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 assured we are doing everything we can to provide an unbiased determination of the home or property value.

When you engage Conundrum Appraisals 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.