Donica Appraisals upholds the highest professional ethics

We consider our what we do a profession. Requirements to become a licensed appraiser have become more difficult than ever before. That's why it goes without question in this day and age that real estate appraisal can definitely be dubbed a profession rather than a trade. As with any profession we must follow strict ethical considerations.

As appraisers our main responsibility is to his or her client. Typically, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers are required to only disclosing information to their clients, and as a homeowner, if you would like to review the appraisal document, you should get it from your lender. Other responsibilities also include, numerical accuracy depending on the assignment parameters, attaining and maintaining an appropriate level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics is is what we do everyday at Donica Appraisals.

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

There are also ethical rules that have nothing to do with clients and others. For example, appraisers must store their work files for a minimum of five years - something else Donica Appraisals takes very seriously.

We meet or beat the industry standards and mandates set in place for ethics. We won't accept anything less 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. We can't do assignments on percentage fees. That is probably the appraisal industries biggest taboo, because it would invite appraisal fraud since raising the value of the home would raise the 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 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 diligently 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.

As soon as you engage Donica 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.