Honesty and Integrity: Caprock Appraisals

We consider our our job a profession. Requirements to become a licensed appraiser have increased more than ever in the past. That's why it goes without question these days that real estate appraisal can definitely be considered a profession as opposed to a trade. In our field, as with any profession, we must follow strict ethical considerations.

As appraisers our chief responsibility is to his or her client. More often than not, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers have certain duties of confidentiality to their clients, and as a homeowner, if you require to obtain a copy of the appraisal document, you should obtain it from your lender. Other responsibilities also include, accurate calculations appropriate to the nature of the report, acquiring and sustaining a particular level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Caprock Appraisals, we take these ethical responsibilities very seriously.

Appraisers will often be required to consider the interests of third parties, including homeowners, both sellers and buyers, or others. Generally the third parties are clearly defined in the appraisal report. An appraiser's fiduciary roll is only to those third parties who the appraiser knows, based on the scope of work or other written parameters of the order.

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 - at Caprock Appraisals you can rest assured that we stick to that rule.

When working on an order, we follow the highest ethical standards possible. We never do assignments on contingency fees. 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 perhaps the appraisal professions biggest taboo, because it would tend to make appraisers inflate the value of homes or properties to increase their fee. 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 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 assured we are going above and beyond to objectively determine the home or property value.

As soon as you engage Caprock Appraisals 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.