Minor Appraisals, LLC upholds the highest professional ethics

We think of our job as a profession. Requirements to become a licensed appraiser have become more difficult than ever in the past. So it goes without question in this day and age that real estate appraisal can definitely be considered a profession as opposed to a trade. In our field, as with any profession, we are bound by ethical considerations.

An appraiser's chief responsibility is to their client. More often than not, for a regular residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers are required to only disclosing information to their clients, and as a homeowner, if you want to obtain a copy of an appraisal report, you generally have to obtain it through your lender. Other obligations also include, accurate sums appropriate to the scope of the assignment, acquiring and maintaining a particular level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Minor Appraisals, LLC, we take these ethical responsibilities very to heart.

Appraisers will frequently need to consider the interests of third parties, including homeowners, both buyers and sellers, or others. Those third parties normally are listed in the appraisal assignment itself. An appraiser's fiduciary responsibility is only to those parties who the appraiser is aware of, 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 Minor Appraisals, LLC diligently adheres to.

We require the highest professional integrity possible from ourselves. We never do assignments on contingency fees. That is, we don'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 professions biggest taboo, because it would invite fraudulent practices since increasing the value of the home would increase the fee. We don't do that. Other unethical practices may be established 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," as well as other situations. We follow these rules to the letter which means you can be confident we are working hard to provide an unbiased determination of the home or property value.

As soon as you engage Minor Appraisals, LLC we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.