For honest and ethical appraisals, trust Lois E. Ellis

Appraising is typically a long term career. Requirements to become a licensed appraiser have become more difficult than ever before. That's why it goes without question these days that real estate appraisal can certainly be dubbed a profession rather than a trade. In our field, as with any profession, we are bound by ethical considerations.

We have quite a few responsibilities 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 certain duties of confidentiality to their clients, and as a homeowner, if you require to review an appraisal report, you should obtain it through your lender. Other obligations also include, numerical accuracy depending on the assignment parameters, attaining and keeping an appropriate level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Lois E. Ellis, we take these ethical responsibilities very to heart.

Appraisers will regularly be obligated to consider the interests of third parties, including homeowners, both buyers and sellers, or others. Normally the third parties are clearly 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.

There are also ethical rules that have nothing to do with whom we share information. For example, appraisers must keep their work files for a minimum of five years - something else Lois E. Ellis takes very seriously.

Lois E. Ellis holds itself to the industry standards and guidelines set in place for ethics. We won't accept anything less from ourselves. We have a responsibility not to 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 industries most important rule, because it would tend to make appraisers up the value of homes or properties to increase their fee. We set ourselves to a higher standard. Other improper practices may be established by state law or professional societies to which an appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also states 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," in addition to other situations We diligently follow these rules to the letter which means you can be assured we are working hard to provide an unbiased determination of the home or property value.

As soon as you request an appraisal from Lois E. Ellis 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.