For honest and ethical appraisals, count on T5 Appraisal services, LLC

Appraising is a profession, and appraisers are professionals. Requirements to become 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 certainly be considered a profession rather than a trade. As with any profession we must follow strict ethical considerations.

We have many obligations as appraisers but our main duty is to our clients. Typically, in residential practice, 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 desire a copy of the appraisal document, you should request it from your lender. Other responsibilities also include, accurate figures appropriate to the parameters of the report, attaining and maintaining a particular level of competency and education, and of course, the appraiser must behave in a professional manner. Here at T5 Appraisal services, LLC, we take these ethical responsibilities very to heart.

Appraisers will sometimes need to consider the interests of third parties, including homeowners, sellers and buyers, or others. Those third parties normally are defined in the appraisal assignment itself. 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 job.

There are also ethical rules that have nothing to do with clients and others. For example, appraisers must backup their work files for a minimum of five years - at T5 Appraisal services, LLC you can rest assured that we abide by that rule.

When creating reports, we follow the highest ethical standards possible. Doing assignments on contingency fees is not something we can consider That is, we don't agree to do an appraisal report and collect payment on the contingency of the loan closing. We can't do assignments on percentage fees. That is perhaps the appraisal industries most important rule, because it would invite fraudulent practices since raising the estimate of the home would raise the their paycheck. We set ourselves to a higher standard. Other unprofessional practices may be defined by state law or professional organizations that the 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 at ease knowing we are working hard to provide an unbiased determination of the home or property value.

When you order an appraisal from T5 Appraisal services, 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.