Honesty and Integrity: Colorado Front Range Appraisals

We consider our our job a profession. Requirements to become a licensed appraiser have become more difficult than ever in the past. That's why it goes without question in this day and age that real estate appraisal can certainly be called a profession rather than a trade. In our field, as with any profession, we are bound by an ethical code.

We have a lot of obligations as appraisers but above everything we answer to our clients. Typically, for a regular residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have certain duties of privacy to their clients, and as a homeowner, if you desire to review an appraisal report, you should get it from your lender. Other obligations also include, accurate sums appropriate to the nature of the assignment, reaching and keeping a certain level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Colorado Front Range Appraisals, we take these ethical responsibilities very seriously.

Appraisers will sometimes be obligated to consider the interests of third parties, including homeowners, sellers and buyers, or others. Typically the third parties are clearly defined in the appraisal report. An appraiser's fiduciary responsibility 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.

Appraisers also have duties outside of boundaries of clients and others. For example, appraisers must be able to produce their work files for at least five years - something else Colorado Front Range Appraisals takes very seriously.

We meet or beat the industry standards and rules set in place for ethics. We can't accept anything less from ourselves. We never do assignments on contingency fees. That is, we are not able to agree to do an appraisal report and collect the fee only if the loan closes. We don't do assignments on percentage fees. That is probably the appraisal professions biggest taboo, because it would tend to make appraisers increase the value of homes or properties to increase their fee. We don't do that. Other unethical practices may be defined by state law or professional societies that the appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also states unethical behavior 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 follow these rules to the letter which means you can be confident we are working hard to provide an unbiased determination of the home or property value.

When you engage Colorado Front Range Appraisals we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.