Precision Valuation Services upholds the highest professional ethics

Appraising is, by and large, a long term career. The rigors of becoming a licensed appraiser have become more difficult than ever before. So it goes without question these days that real estate appraisal can unquestionably be called a profession as opposed to a trade. As with any profession we have a strict ethical code.

As appraisers our chief responsibility is to his or her client. Most of the time, in residential practice, the appraiser's client is the lender ordering the appraisal. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you desire to review the appraisal document, you should get it from your lender. Other responsibilities also include, accurate sums appropriate to the nature of the report, reaching and sustaining a certain level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics and client confidentiality is just normal course of business for us at Precision Valuation Services.

There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, including homeowners, both buyers and sellers, or others. Those third parties normally are defined in scope of the appraisal assignment itself. An appraiser's fiduciary responsibility is restricted to those parties who the appraiser knows, based on the scope of work or other things in the framework of the order.

There are also ethical duties that have nothing to do with whom we share information. For example, appraisers must store their work files for a minimum of five years - at Precision Valuation Services you can rest assured that we adhere to that rule.

We demand the highest ethical standards possible from ourselves. We never 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. Another practice that's restricted is doing assignments on percentage fees. That is perhaps the appraisal industries most important rule, because it would invite fraudulent practices since raising the value of the home would increase the fee. We don't do that. Other improper practices may be defined by state law or professional organizations that the appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also states a violation in ethics 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 diligently follow these rules to the letter which means you can be at ease knowing we are working hard to provide an unbiased determination of the home or property value.

With Precision Valuation Services, you won't have any doubts that you're getting 100 percent ethical, professional service.