For honest and ethical appraisals, trust Broom Appraisal

We think of what we do as a profession. Requirements to become a licensed appraiser have increased more than ever in the past. So it goes without question in this day and age that real estate appraisal can unquestionably be dubbed a profession rather than a trade. In our field, as with any profession, we have a strict ethical code.

As appraisers our main obligation is to their client. More often than not, 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 would like to obtain a copy of the appraisal document, you should request it from your lender. Other obligations also include, numerical accuracy depending on the assignment's nature, reaching and sustaining a particular level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Broom Appraisal, we take these ethical responsibilities very to heart.

Appraisers may frequently have fiduciary obligations to third parties, including homeowners, buyers and sellers, or others. Those third parties normally are listed in the appraisal assignment itself. An appraiser's fiduciary responsibility is only to those third parties who the appraiser knows, based on the scope of work or other written parameters of the job.

There are also ethical rules 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 Broom Appraisal takes very seriously.

We demand the highest ethical standards possible from ourselves. We have a responsibility not to do assignments on contingency fees. That is, we don't 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 tend to make appraisers raise the value of homes or properties to increase their paycheck. We don't do that. Other unethical practices may be defined by state law or professional societies to which an appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also states unethical behavior 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," in addition to other situations We follow these rules to the letter which means you can be assured we are going above and beyond to objectively determine the home or property value.

When you engage Broom Appraisal 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.