For honest and ethical appraisals, count on Nick Pappas

Generally, appraising a long term career. 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 certainly be dubbed a profession as opposed to a trade. As with any profession we must follow strict ethical considerations.

We have quite a few responsibilities as appraisers but our chief duty is to our clients. Typically, in residential practice, the appraiser's client is the lender ordering the appraisal. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you would like to obtain a copy of an appraisal report, you should get it from your lender. Other responsibilities also include, numerical accuracy depending on the assignment parameters, reaching and keeping an adequate level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Nick Pappas, we take these ethical responsibilities very to heart.

Appraisers may often have fiduciary obligations to third parties, including homeowners, buyers and sellers, or others. Normally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary duty is restricted 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 rules that have nothing to do with whom we share information. For example, appraisers must keep their work files for at least five years - at Nick Pappas you can rest assured that we adhere to that rule.

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 get paid only if the loan closes. We can't do assignments on percentage fees. That is probably the appraisal industries most important rule, because it would tend to make appraisers inflate the value of homes or properties to increase their fee. We don't do that. Other unethical practices may be established by state law or professional organizations that the appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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 going above and beyond to provide an unbiased determination of the home or property value.

With Nick Pappas, you can be assured of 100 percent ethical, professional service.