Honesty and Integrity: Randel Appraisal Service

We consider our our job a profession. Requirements to become a licensed appraiser have become more difficult than ever before. So it goes without question in this day and age that real estate appraisal can certainly be called a profession rather than a trade. As with any profession we are bound by an ethical code.

We have many responsibilities as appraisers but above everything we answer to our clients. More often than not, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers are required to only disclosing information to their clients, and as a homeowner, if you want to review the appraisal document, you normally have to get it from your lender. Other responsibilities also include, numerical accuracy depending on the scope of the assignment, attaining and sustaining a certain level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Randel Appraisal Service, we take these ethical responsibilities very seriously.

Appraisers will often be required to consider the interests of third parties, such as homeowners, sellers and buyers, or others. Typically the third parties are specifically defined in the appraisal report. An appraiser's fiduciary roll is limited 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 store their work files for at least five years - something else Randel Appraisal Service diligently adheres to.

We demand the highest ethical standards possible from ourselves. Working on assignments that contingency fees is never an option. That is, we can't 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 industries biggest no-no, because it would tend to make appraisers raise the value of homes or properties to increase their fee. We set ourselves to a higher standard. Other improper 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 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," as well as other situations. We diligently follow these rules to the letter which means you can be assured we are doing everything we can to objectively determine the home or property value.

When you engage Randel Appraisal Service 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.