Prescott Appraisal Service, Inc. maintains the utmost professional ethics

We consider our what we do a profession. Requirements to become a licensed appraiser have become more difficult than ever in the past. That's why it goes without question in this day and age that real estate appraisal can certainly be dubbed a profession as opposed to a trade. As with any profession we are bound by an ethical code.

As appraisers our chief obligation is to their client. Typically, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers have rules and regulations they must follow, including confidentiality for their clients a homeowner, if you would like a copy of the appraisal document, you normally have to obtain it from your lender. Other responsibilities also include, accurate sums appropriate to the scope of the assignment, attaining and sustaining a respectable level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Prescott Appraisal Service, Inc., we take these ethical responsibilities very seriously.

Appraisers may also have fiduciary responsibilities to third parties, such as homeowners, both buyers and sellers, or others. Normally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary roll is only to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the assignment.

Appraisers also have rules outside of boundaries of clients and others. For example, appraisers must store their work files for at least five years - something else Prescott Appraisal Service, Inc. takes very seriously.

We demand the highest ethical standards possible from ourselves. Working on assignments that contingency fees is not something we can consider That is, we are not able to agree to do an appraisal report and get paid only if the loan closes. We can't do assignments on percentage fees. That is perhaps the appraisal professions biggest taboo, because it would tend to make appraisers increase the value of homes or properties to increase their paycheck. We don't do that. Other unethical practices may be defined by state law or professional organizations 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," as well as 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.

When you order an appraisal from Prescott Appraisal Service, 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.