Honesty and Integrity: Russell Appraisals

We consider our our business a profession. The rigors of becoming a licensed appraiser have become more difficult than ever in the past. So 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 have a strict ethical code.

We have quite a few responsibilities as appraisers but above everything we answer to our clients. Typically, for a standard residential appraisal, 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 desire to obtain a copy of an appraisal report, you should request it from your lender. Other obligations also include, accurate calculations appropriate to the parameters of the report, acquiring and maintaining an appropriate level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Russell Appraisals, we take these ethical responsibilities very to heart.

Appraisers will sometimes be required to consider the interests of third parties, such as homeowners, both sellers and buyers, or others. Typically the third parties are specifically defined in the appraisal report. An appraiser's fiduciary roll is restricted to those third 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 clients and others. For example, appraisers must backup their work files for at least five years - something else Russell Appraisals diligently adheres to.

Russell Appraisals holds itself to the industry standards and mandates set in place for professional behavior. We can't accept anything less from ourselves. We have a responsibility not to do assignments on contingency fees. That is, we are not able to agree to do an appraisal report and collect payment on the contingency of the loan closing. Another practice that's restricted is doing assignments on percentage fees. That is perhaps the appraisal industries biggest no-no, because it would invite fraudulent practices since increasing the estimate of the home would increase the their paycheck. We set ourselves to a higher standard. 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 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," as well as other situations. We diligently follow these rules to the letter which means you can be confident we are going above and beyond to objectively determine the home or property value.

With Russell Appraisals, you won't have any doubts that you're getting 100 percent ethical, professional service.