For honest and ethical appraisals, trust Cornerstone Realty

Appraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have increased more than ever before. So it goes without question in this day and age that real estate appraisal can certainly be considered a profession as opposed to a trade. As with any profession we have a strict ethical code.

We have a great deal of obligations as appraisers but our main duty is to our clients. Most of the time, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. 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 an appraisal report, you normally have to get it from your lender. Other responsibilities also include, accurate figures appropriate to the parameters of the assignment, reaching and sustaining a particular level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Cornerstone Realty, we take these ethical responsibilities very to heart.

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

Appraisers also have rules outside of boundaries of clients and others. For example, appraisers must backup their work files for a minimum of five years - something else Cornerstone Realty makes a part of their standard routine.

When busy with an appraisal, we follow the highest ethical standards possible. Working on assignments that contingency fees is never an option. That is, we don't agree to do an appraisal report and collect the fee only if the loan closes. We can't do assignments on percentage fees. That is probably the appraisal professions biggest taboo, because it would invite fraudulent practices since raising the value of the home would raise the their paycheck. We set ourselves to a higher standard. Other unethical practices may be defined by state law or professional societies to which an appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also defines unethical behavior 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," in addition to 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.

When you request an appraisal from Cornerstone Realty 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.