For honest and ethical appraisals, rely on Foundation Appraisal Service Team

Generally, appraising a long term career. The rigors of becoming a licensed appraiser have increased more than ever in the past. That's why it goes without question these days that real estate appraisal can unquestionably be dubbed a profession rather than a trade. In our field, as with any profession, we must follow strict ethical considerations.

We have quite a few obligations as appraisers but first and foremost we answer to our clients. Typically, 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 desire a copy of the appraisal document, you normally have to get it through your lender. Other responsibilities also include, accurate calculations appropriate to the scope of the assignment, reaching and maintaining a particular level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Foundation Appraisal Service Team, we take these ethical responsibilities very to heart.

There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, such as homeowners, buyers and sellers, or others. Typically the third parties are clearly defined in the appraisal report. An appraiser's fiduciary duty is limited to those parties who the appraiser knows, based on the scope of work or other things in the framework of the order.

There are also ethical standards that have nothing to do with whom we share information. For example, appraisers must backup their work files for a minimum of five years - something else Foundation Appraisal Service Team makes a part of their standard routine.

We only perform to the highest ethical standards possible. We don't do assignments on contingency fees. That is, we don't agree to do an appraisal report and get paid only if the loan closes. We can't do assignments on percentage fees. That is perhaps the appraisal professions most important rule, because it would tend to make appraisers increase the value of homes or properties to increase their fee. We don't do that. Other unprofessional practices may be defined by state law or professional organizations that the appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also defines a violation in ethics 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 follow these rules to the letter which means you can be assured we are going above and beyond to provide an unbiased determination of the home or property value.

When you engage Foundation Appraisal Service Team 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.