Honesty and Integrity: Whitney Associates

Appraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have increased more than ever in the past. So it goes without question these days that real estate appraisal can definitely be dubbed a profession rather than a trade. As with any profession we are bound by ethical considerations.

As appraisers our main responsibility is to his or her client. Typically, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers are privy to a lot of data, and like an attorney can only discuss many matters with their client. As a homeowner, if you require a copy of an appraisal report, you should get it from your lender. Other responsibilities also include, accurate figures appropriate to the parameters of the report, attaining and maintaining a certain level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Whitney Associates, we take these ethical responsibilities very to heart.

Appraisers can frequently have fiduciary responsibilities to third parties, including homeowners, sellers and buyers, or others. Those third parties normally are spelled out in scope of the appraisal assignment itself. An appraiser's fiduciary duty is limited to those parties who the appraiser knows, based on the scope of work or other written parameters of the assignment.

There are also ethical standards that have nothing to do with whom we share information. For example, appraisers must store their work files for a minimum of five years - something else Whitney Associates makes a part of their standard routine.

Whitney Associates holds itself to the industry standards and rules set in place for professional behavior. We won't accept anything less from ourselves. Working on assignments that contingency fees is not something we can consider That is, we don't agree to do an appraisal report and get paid only if the loan closes. Another practice that's restricted is doing assignments on percentage fees. That is perhaps the appraisal industries most important rule, because it would tend to make appraisers up the value of homes or properties to increase their fee. We set ourselves to a higher standard. Other improper 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," as well as other situations. We follow these rules to the letter which means you can be confident we are working hard to objectively determine the home or property value.

With Whitney Associates, you can be assured of 100 percent ethical, honest service.