Creative Realty upholds the highest professional ethics

Appraising is, by and large, a long term career. Requirements to become a licensed appraiser have become more difficult than ever before. That's why it goes without question these days that real estate appraisal can certainly be dubbed a profession rather than a trade. As with any profession we have a strict ethical code.

As appraisers our chief responsibility is to his or her client. Typically, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers have certain duties of confidentiality to their clients, and as a homeowner, if you require to review the appraisal document, you normally have to get it from your lender. Other obligations also include, numerical accuracy depending on the assignment's nature, reaching and maintaining a respectable level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Creative Realty, we take these ethical responsibilities very seriously.

In some cases appraisers will have fiduciary responsibilities to third parties, including homeowners, buyers and sellers, or others. Those third parties normally are defined in scope of the appraisal assignment itself. An appraiser's fiduciary duty is only to those parties who the appraiser is aware of, based on the scope of work or other things in the framework of the job.

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 - at Creative Realty you can rest assured that we stick to that rule.

We demand the highest professional integrity possible 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 don't do assignments on percentage fees. That is probably the appraisal professions biggest taboo, because it would invite appraisal fraud since increasing the value of the home would up the their paycheck. 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 objectively determine the home or property value.

When you request an appraisal from Creative Realty 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.