Honesty and Integrity: M Davies Appraisal LLC

We think of our business as 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 definitely be considered a profession rather than a trade. In our field, as with any profession, we are bound by an ethical code.

We have a lot of obligations as appraisers but our chief duty is to our clients. More often than not, for a standard residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers have certain duties of privacy to their clients, and as a homeowner, if you require to obtain a copy of the appraisal document, you should get it through your lender. Other responsibilities also include, numerical accuracy depending on the assignment's nature, acquiring and maintaining a certain level of competency and education, and the appraiser must conduct him or herself as a professional. Here at M Davies Appraisal LLC, we take these ethical responsibilities very seriously.

Appraisers will frequently be required to consider the interests of third parties, including homeowners, both sellers and buyers, or others. Typically the third parties are specifically defined in the appraisal report. An appraiser's fiduciary duty is limited to those third parties who the appraiser is aware of, based on the scope of work or other written parameters of the assignment.

Appraisers also have rules outside of boundaries of clients and others. For example, appraisers must backup their work files for at least five years - something else M Davies Appraisal LLC makes a part of their standard routine.

We only perform to the highest ethical standards possible. We never do assignments on contingency fees. That is, we can't agree to do an appraisal report and get paid only if the loan closes. Another practice that's restricted is doing assignments on percentage fees. That is perhaps the appraisal industries most important rule, because it would invite fraudulent practices since raising the value of the home would raise the their paycheck. We don't do that. Other unprofessional practices may be established 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 diligently follow these rules to the letter which means you can rest easy knowing we are working hard to provide an unbiased determination of the home or property value.

When you request an appraisal from M Davies Appraisal LLC 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.