Honesty and Integrity: Norris-Thomas Appraisal Service

By and large, appraising 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 certainly be called a profession as opposed to a trade. As with any profession we have a strict ethical code.

As appraisers our chief responsibility is to his or her client. Generally, for a normal residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers have rules and regulations they must follow, including keeping many matters private for their clients a homeowner, if you want to review the appraisal document, you generally have to get it from your lender. Other obligations also include, accurate sums appropriate to the nature of the report, acquiring and keeping a respectable level of competency and education, and the appraiser must conduct him or herself as a professional. Maintaining high ethics and client confidentiality is standard operating procedure for us at Norris-Thomas Appraisal Service.

Appraisers may also have fiduciary responsibilities to third parties, such as homeowners, both buyers and sellers, or others. Those third parties normally are listed in scope of the appraisal assignment itself. An appraiser's fiduciary responsibility is restricted to those third parties who the appraiser knows, based on the scope of work or other written parameters of the assignment.

There are also ethical standards that have nothing to do with whom we share information. For example, appraisers must be able to produce their work files for a minimum of five years - something else Norris-Thomas Appraisal Service takes very seriously.

When creating reports, we follow the highest ethical standards possible. Working on assignments that contingency fees is never an option. That is, we can't 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 industries biggest no-no, because it would tend to make appraisers increase the value of homes or properties to increase their fee. We don't do that. 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 states 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.

As soon as you engage Norris-Thomas Appraisal Service 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.