Honesty and Integrity: Carr & Associates

By and large, appraising a long term career. The rigors of becoming a licensed appraiser have increased more than ever before. That's why it goes without question these days that real estate appraisal can certainly be dubbed a profession as opposed to a trade. As with any profession we are bound by ethical considerations.

For an appraiser the primary responsibility is to his or her client. Most of the time, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers are required to only disclosing information to their clients, and as a homeowner, if you desire to review the appraisal document, you should get it through your lender. Other obligations also include, numerical accuracy depending on the assignment parameters, attaining and sustaining a certain level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Carr & Associates, we take these ethical responsibilities very seriously.

Appraisers will regularly be required to consider the interests of third parties, including homeowners, sellers and buyers, or others. Normally the third parties are explicitly 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 assignment.

Appraisers also have duties outside of boundaries of clients and others. For example, appraisers must keep their work files for a minimum of five years - something else Carr & Associates makes a part of their standard routine.

We only perform to the highest ethical standards possible. Working on orders that contingency fees is not something we can consider 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 biggest taboo, because it would invite fraudulent practices since raising the estimate of the home would raise the fee. We set ourselves to a higher standard. Other improper practices may be defined by state law or professional societies that the 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 rest easy knowing we are going above and beyond to objectively determine the home or property value.

When you order an appraisal from Carr & Associates we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.