The Real Property Group LLC. upholds the highest professional ethics

Appraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have become more difficult than ever before. That's why it goes without question in this day and age that real estate appraisal can definitely be considered a profession as opposed to a trade. As with any profession we must follow strict ethical considerations.

We have quite a few responsibilities as appraisers but our main duty is to our clients. More often than not, for a standard residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers have rules and regulations they must follow, including confidentiality for their clients a homeowner, if you would like to obtain a copy of the appraisal document, you normally have to get it from your lender. Other responsibilities also include, numerical accuracy depending on the assignment's nature, acquiring and maintaining a respectable level of competency and education, and the appraiser must conduct him or herself as a professional. Here at The Real Property Group LLC., we take these ethical responsibilities very seriously.

Appraisers will sometimes be obligated to consider the interests of third parties, including homeowners, sellers and buyers, or others. Those third parties normally are spelled out in scope of the appraisal assignment itself. An appraiser's fiduciary duty is restricted to those third parties who the appraiser is aware of, based on the scope of work or other written parameters of the assignment.

There are also ethical standards that have nothing to do with whom we share information. For example, appraisers must store their work files for at least five years - something else The Real Property Group LLC. takes very seriously.

When creating reports, we follow the highest ethical standards possible. We never do assignments on contingency fees. That is, we don't agree to do an appraisal report and get paid only if the loan closes. We can't do assignments on percentage fees. That is probably the appraisal professions biggest taboo, because it would tend to make appraisers raise the value of homes or properties to increase their fee. We don't do that. Other unethical practices may be defined by state law or professional organizations to which an 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 diligently follow these rules to the letter which means you can rest easy knowing we are doing everything we can to provide an unbiased determination of the home or property value.

When you engage The Real Property Group 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.