For honest and ethical appraisals, rely on Powers Appraisals

We think of our job as a profession. The rigors of becoming a licensed appraiser have increased more than ever in the past. That's why it goes without question in this day and age that real estate appraisal can definitely be considered a profession as opposed to a trade. As with any profession we have a strict ethical code.

For an appraiser the primary responsibility is to their client. Typically, for a standard residential appraisal, the appraiser's client is the lender ordering the appraisal. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you would like a copy of the appraisal document, you should request it through your lender. Other obligations also include, accurate calculations appropriate to the scope of the report, acquiring and keeping a particular level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Powers Appraisals, we take these ethical responsibilities very seriously.

There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, such as homeowners, both sellers and buyers, or others. Those third parties normally are spelled out in scope of the appraisal assignment itself. An appraiser's fiduciary responsibility is only to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the assignment.

There are also ethical duties that have nothing to do with whom we share information. For example, appraisers must store their work files for at least five years - at Powers Appraisals you can rest assured that we stick to that rule.

We meet or beat the industry standards and guidelines set in place for professional behavior. We can't accept anything less from ourselves. We never 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. Another practice that's restricted is doing assignments on percentage fees. That is perhaps the appraisal professions biggest no-no, because it would invite fraudulent practices since raising the value of the home would raise 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 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 diligently 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.

As soon as you engage Powers Appraisals 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.