For honest and ethical appraisals, count on Texas Real Estate Office

Appraising is, by and large, a long term career. Requirements to become a licensed appraiser have become more difficult than ever before. So it goes without question these days that real estate appraisal can definitely be dubbed a profession rather than a trade. In our field, as with any profession, we have a strict ethical code.

We have a great deal of obligations as appraisers but above everything we answer to our clients. Normally, for a normal residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers are privy to a lot of data, and like an attorney can only discuss many matters with their client. As a homeowner, if you want to review the appraisal document, you normally have to obtain it through your lender. Other obligations also include, accurate sums appropriate to the parameters of the report, attaining and maintaining an appropriate level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Texas Real Estate Office, we take these ethical responsibilities very to heart.

Appraisers can also have fiduciary responsibilities to third parties, including homeowners, buyers and sellers, or others. Those third parties normally are listed in the appraisal assignment itself. An appraiser's fiduciary roll is limited to those third parties who the appraiser is aware of, based on the scope of work or other things in the framework of the assignment.

There are also ethical standards that have nothing to do with clients and others. For example, appraisers must keep their work files for a minimum of five years - something else Texas Real Estate Office makes a part of their standard routine.

We require the highest professional integrity possible from ourselves. We don't do assignments on contingency fees. That is, we are not able to agree to do an appraisal report and get paid only if the loan closes. We can't do assignments on percentage fees. That is probably the appraisal professions most important rule, because it would invite appraisal fraud since increasing the value of the home would raise the their paycheck. We set ourselves to a higher standard. Other improper practices may be established by state law or professional societies that the appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also defines a violation in ethics as the acceptance 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 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 engage Texas Real Estate Office 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.