Honesty and Integrity: Studley Appraisal Services, Inc.

We think of what we do as a profession. Requirements to become a licensed appraiser have become more difficult than ever before. So it goes without question in this day and age that real estate appraisal can certainly be dubbed a profession as opposed to a trade. In our field, as with any profession, we have a strict ethical code.

We have many obligations as appraisers but above everything we answer to our clients. Normally, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers are privy to a lot of information, and like an attorney can only discuss many matters with their client. As a homeowner, if you would like to obtain a copy of the appraisal document, you should get it from your lender. Other responsibilities also include, accurate figures appropriate to the nature of the assignment, acquiring and sustaining a particular level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Studley Appraisal Services, Inc. , we take these ethical responsibilities very seriously.

Appraisers may also have fiduciary obligations to third parties, including homeowners, sellers and buyers, or others. Generally the third parties are specifically defined in the appraisal report. An appraiser's fiduciary duty is limited to those parties who the appraiser knows, based on the scope of work or other things in the framework of the assignment.

There are also ethical duties that have nothing to do with whom we share information. For example, appraisers must backup their work files for at least five years - something else Studley Appraisal Services, Inc. takes very seriously.

We require the highest professional integrity possible from ourselves. We have a responsibility not to do assignments on contingency fees. That is, we can't agree to do an appraisal report and collect payment on the contingency of the loan closing. We can't do assignments on percentage fees. That is perhaps 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 unprofessional practices may be established by state law or professional organizations that the appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also states unethical behavior 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 be at ease knowing we are doing everything we can to objectively determine the home or property value.

As soon as you request an appraisal from Studley Appraisal Services, Inc. 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.