For honest and ethical appraisals, trust Rocky Mountain Appraisal Company

By and large, appraising a long term career. Requirements to become a licensed appraiser have increased more than ever before. So it goes without question in this day and age that real estate appraisal can certainly be called a profession as opposed to a trade. As with any profession we are bound by an ethical code.

The appraiser's chief obligation is to their client. Normally, for a normal residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have rules and regulations they must follow, including confidentiality for their clients a homeowner, if you desire to review an appraisal report, you normally have to get it through your lender. Other responsibilities also include, accurate sums appropriate to the scope of the report, acquiring and keeping a particular level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Rocky Mountain Appraisal Company, we take these ethical responsibilities very to heart.

In some cases appraisers will have fiduciary responsibilities to third parties, including homeowners, buyers and sellers, or others. Those third parties normally are defined in scope of the appraisal assignment itself. An appraiser's fiduciary roll is limited 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 keep their work files for at least five years - something else Rocky Mountain Appraisal Company 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 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 professions most important rule, because it would invite appraisal fraud since increasing the estimate of the home would increase the fee. We set ourselves to a higher standard. Other improper practices may be established by state law or professional organizations to which an appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also defines unethical behavior 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 be at ease knowing we are working hard to provide an unbiased determination of the home or property value.

When you request an appraisal from Rocky Mountain Appraisal Company 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.