Honesty and Integrity: Denver Appraisal Consultants, LLC

Appraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have become more difficult than ever before. That's why it goes without question these days that real estate appraisal can unquestionably be dubbed a profession as opposed to a trade. As with any profession we must follow strict ethical considerations.

We have a great deal of responsibilities as appraisers but our primary duty is to our clients. Typically, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers are required to only disclosing information to their clients, and as a homeowner, if you require to review an appraisal report, you should get it through your lender. Other responsibilities also include, numerical accuracy depending on the assignment's nature, acquiring and sustaining an adequate level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Denver Appraisal Consultants, LLC, we take these ethical responsibilities very to heart.

There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, including homeowners, both sellers and buyers, or others. Those third parties normally are defined in the appraisal assignment itself. An appraiser's fiduciary responsibility is only to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the assignment.

There are also ethical duties that have nothing to do with whom we share information. For example, appraisers must keep their work files for a minimum of five years - something else Denver Appraisal Consultants, LLC takes very seriously.

We require the highest ethical standards possible from ourselves. Doing assignments on contingency fees is never an option. That is, we don't 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 industries most important rule, because it would invite fraudulent practices since increasing the value of the home would inflate the their paycheck. 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 defines 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," as well as other situations. We follow these rules to the letter which means you can rest easy knowing we are working hard to provide an unbiased determination of the home or property value.

With Denver Appraisal Consultants, LLC, you won't have any doubts that you're receiving 100 percent ethical, professional service.