For honest and ethical appraisals, trust Hughes Appraisal Service

Appraising is generally a long term career. Requirements to become a licensed appraiser have become more difficult than ever in the past. So it goes without question these days that real estate appraisal can unquestionably be called a profession as opposed to a trade. In our field, as with any profession, we have a strict ethical code.

We have quite a few responsibilities as appraisers but our chief duty is to our clients. Typically, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you desire a copy of an appraisal report, you should get it from your lender. Other obligations also include, accurate figures appropriate to the nature of the assignment, attaining and sustaining an appropriate 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 Hughes Appraisal Service.

Appraisers will sometimes need to consider the interests of third parties, such as homeowners, sellers and buyers, or others. Typically the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary responsibility is only to those third parties who the appraiser is aware of, based on the scope of work or other written parameters of the job.

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 a minimum of five years - something else Hughes Appraisal Service diligently adheres to.

While busy with an order, we follow the highest ethical standards possible. We have a responsibility not to do assignments on contingency fees. That is, we can't agree to do an appraisal report and get paid only if the loan closes. We don't do assignments on percentage fees. That is perhaps the appraisal industries biggest no-no, because it would tend to make appraisers increase the value of homes or properties to increase their fee. We don't do that. Other unprofessional practices may be established 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 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 at ease knowing we are going above and beyond to provide an unbiased determination of the home or property value.

As soon as you engage Hughes Appraisal Service we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.