Honesty and Integrity: Arkansas Property Valuation

Appraising is generally a long term career. The rigors of becoming a licensed appraiser have become more difficult than ever before. So it goes without question these days that real estate appraisal can unquestionably be dubbed a profession as opposed to a trade. In our field, as with any profession, we must follow strict ethical considerations.

We have quite a few responsibilities as appraisers but above everything we answer to our clients. Normally, for a regular 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 require a copy of an appraisal report, you normally have to obtain it from your lender. Other responsibilities also include, numerical accuracy depending on the scope of the assignment, acquiring and maintaining a certain level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Arkansas Property Valuation, we take these ethical responsibilities very to heart.

Appraisers will often be required to consider the interests of third parties, such as homeowners, buyers and sellers, or others. Normally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary duty is only to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the order.

Appraisers also have standards outside of boundaries of clients and others. For example, appraisers must store their work files for at least five years - at Arkansas Property Valuation you can rest assured that we stick to that rule.

We only perform to the highest ethical standards possible. We don't 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. We don't do assignments on percentage fees. That is probably the appraisal industries biggest taboo, because it would invite appraisal fraud since raising the value of the home would inflate the their paycheck. We don't do that. Other unprofessional 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," 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 Arkansas Property Valuation we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.