Honesty and Integrity: Regional Appraisal Service, LLC

Appraising 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 these days that real estate appraisal can definitely be considered a profession as opposed to a trade. In our field, as with any profession, we have a strict ethical code.

An appraiser's main obligation is to their client. Most of the time, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have rules and regulations they must follow, including keeping many matters private for their clients a homeowner, if you would like to obtain a copy of an appraisal report, you should get it from your lender. Other responsibilities also include, accurate figures appropriate to the scope of the report, reaching and keeping a certain level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Regional Appraisal Service, LLC, we take these ethical responsibilities very to heart.

Appraisers will regularly be obligated to consider the interests of third parties, including homeowners, both buyers and sellers, or others. Generally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary responsibility is restricted to those third parties who the appraiser knows, based on the scope of work or other written parameters of the assignment.

Appraisers also have duties outside of boundaries of with whom we share information For example, appraisers must store their work files for a minimum of five years - at Regional Appraisal Service, LLC you can rest assured that we stick to that rule.

We require the highest professional integrity possible from ourselves. We don't do assignments on contingency fees. That is, we are not able to 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 biggest no-no, because it would tend to make appraisers up the value of homes or properties to increase their fee. We set ourselves to a higher standard. Other unprofessional practices may be established by state law or professional societies to which an appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also defines a violation in ethics 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 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 engage Regional Appraisal Service, 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.