Honesty and Integrity: Hicks Appraisal Services

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

An appraiser's chief obligation is to his or her client. Most of the time, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have rules and regulations they must follow, including confidentiality for their clients a homeowner, if you desire to obtain a copy of the appraisal document, you generally have to obtain it from your lender. Other obligations also include, accurate calculations appropriate to the scope of the report, reaching and keeping an adequate level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Hicks Appraisal Services, we take these ethical responsibilities very to heart.

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

Appraisers also have standards outside of boundaries of with whom we share information For example, appraisers must store their work files for at least five years - at Hicks Appraisal Services you can rest assured that we abide by that rule.

We demand the highest ethical standards possible from ourselves. We have a responsibility not to 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. Another practice that's restricted is doing assignments on percentage fees. That is probably the appraisal professions biggest no-no, because it would tend to make appraisers inflate the value of homes or properties to increase their fee. We don't do that. Other improper practices may be defined by state law or professional organizations to which an 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," as well as other situations. We follow these rules to the letter which means you can be assured we are working hard to provide an unbiased determination of the home or property value.

When you engage Hicks Appraisal Services we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.