Honesty and Integrity: M Davies Appraisal LLC

We consider our what we do a profession. Requirements to become a licensed appraiser have increased more than ever before. So it goes without question these days that real estate appraisal can definitely be called a profession as opposed to a trade. In our field, as with any profession, we must follow strict ethical considerations.

We have a lot of obligations as appraisers but our primary duty is to our clients. Typically, 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 would like a copy of the appraisal document, you normally have to request it through your lender. Other obligations also include, accurate figures appropriate to the scope of the assignment, reaching and keeping a respectable level of competency and education, and of course, the appraiser must behave in a professional manner. Here at M Davies Appraisal LLC, we take these ethical responsibilities very seriously.

Appraisers may often have fiduciary obligations to third parties, including homeowners, both sellers and buyers, or others. Typically the third parties are clearly defined in the appraisal report. An appraiser's fiduciary responsibility is restricted to those parties who the appraiser knows, based on the scope of work or other written parameters of the job.

Appraisers also have duties outside of boundaries of clients and others. For example, appraisers must backup their work files for a minimum of five years - at M Davies Appraisal LLC you can rest assured that we abide by that rule.

We require the highest professional integrity possible from ourselves. Doing orders on contingency fees is never an option. That is, we are not able to 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 professions biggest taboo, because it would tend to make appraisers raise the value of homes or properties to increase their fee. We don't do that. Other unethical practices may be established by state law or professional societies that the 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," in addition to other situations We diligently follow these rules to the letter which means you can be confident we are working hard to provide an unbiased determination of the home or property value.

When you order an appraisal from M Davies Appraisal 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.