Honesty and Integrity: Total Home Analysis

We think of what we do as a profession. The rigors of becoming a licensed appraiser have increased more than ever in the past. So it goes without question these days that real estate appraisal can unquestionably be considered a profession as opposed to a trade. In our field, as with any profession, we are bound by an ethical code.

An appraiser's primary obligation is to his or her client. Typically, for a standard residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have certain duties of privacy to their clients, and as a homeowner, if you desire to obtain a copy of an appraisal report, you should obtain it through your lender. Other responsibilities also include, accurate figures appropriate to the scope of the report, reaching and keeping a respectable level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Total Home Analysis, we take these ethical responsibilities very to heart.

In some cases appraisers will have fiduciary responsibilities to 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 roll is limited to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the order.

Appraisers also have rules outside of boundaries of clients and others. For example, appraisers must store their work files for a minimum of five years - something else Total Home Analysis makes a part of their standard routine.

We demand the highest professional integrity possible from ourselves. We have a responsibility not to 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. We can't do assignments on percentage fees. That is probably the appraisal professions most important rule, because it would invite fraudulent practices since raising the estimate of the home would raise the fee. We set ourselves to a higher standard. Other unethical practices may be defined by state law or professional societies 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 follow these rules to the letter which means you can rest easy knowing we are working hard to objectively determine the home or property value.

When you engage Total Home Analysis 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.