For honest and ethical appraisals, rely on Elite Property Appraisal (407) 734-5400

We think of our business as a profession. Requirements to become a licensed appraiser have become more difficult than ever before. That's why it goes without question these days that real estate appraisal can certainly be called a profession rather than a trade. As with any profession we have a strict ethical code.

We have quite a few obligations as appraisers but our main duty is to our clients. Generally, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers are privy to a lot of data, and like an attorney can only discuss many matters with their client. As a homeowner, if you want a copy of the appraisal document, you should get it through your lender. Other obligations also include, numerical accuracy depending on the scope of the assignment, reaching and keeping an appropriate level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Elite Property Appraisal (407) 734-5400, we take these ethical responsibilities very seriously.

Appraisers will sometimes be required to consider the interests of third parties, including homeowners, buyers and sellers, or others. Those third parties normally are defined in scope of the appraisal assignment itself. An appraiser's fiduciary responsibility is limited to those parties who the appraiser knows, based on the scope of work or other written parameters of the job.

Appraisers also have duties outside of boundaries of clients and others. For example, appraisers must be able to produce their work files for at least five years - something else Elite Property Appraisal (407) 734-5400 diligently adheres to.

When creating reports, we follow the highest ethical standards possible. Working on assignments that contingency fees is never an option. 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 probably the appraisal professions biggest taboo, because it would invite fraudulent practices since increasing the estimate of the home would up the their paycheck. We don't do that. Other unethical practices may be defined by state law or professional organizations that the appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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," as well as other situations. We diligently 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.

With Elite Property Appraisal (407) 734-5400, you can be assured of 100 percent ethical, professional service.