Honesty and Integrity: KLF Residential AppraisalsAppraising is generally a long term career. Requirements to become a licensed appraiser have increased more than ever before. That's why it goes without question in this day and age that real estate appraisal can unquestionably be called a profession rather than a trade. As with any profession we have a strict ethical code.
We have many responsibilities as appraisers, but above everything we answer to our clients.
Generally, in residential practice, the appraiser's client is the lender ordering the appraisal, and often the appraisal is ordered by a third party the lender has retained to maintain independence.
Subsequently, appraisers have certain duties of privacy to their clients, plus strict rules and regulations to which we must adhere. As
a homeowner, if you want to obtain a copy of the appraisal document, you normally have to request it through your lender and not the appraiser.
Appraisers will often be required to consider the interests of third parties, including homeowners, both sellers and buyers, or others. Typically the third parties are clearly defined in the appraisal report. An appraiser's fiduciary role is restricted to those third parties who the appraiser is aware of, based on the scope of work or other things in the framework of the assignment.
There are also ethical rules that have nothing to do with clients and others. For example, appraisers must be able to produce their work files for at least five years - something else KLF Residential Appraisals makes a part of their standard routine.
We meet or exceed the industry standards and rules set in place for professional behavior. We won't accept anything less from ourselves. Doing orders based on contingency fees is never an option. In other words, we are not able to agree to do an appraisal report and base our pay upon coming up with a particular value conclusion. Anyone should be able to see that inflating a value to achieve a higher paycheck is unethical! We just don't do it.
Finally, the Uniform Standards of Professional Appraisal Practice (or simply "USPAP") also defines 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", or "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.
As soon as you request an appraisal from KLF Residential Appraisals, we'll make sure you're getting the professional service you expect along with the business principles we're known for.