Five Borough Appraisal Service, Inc. upholds the highest professional ethics

We consider our our job a profession. The rigors of becoming a licensed appraiser have increased more than ever before. So it goes without question these days that real estate appraisal can unquestionably be called a profession as opposed to a trade. In our field, as with any profession, we are bound by an ethical code.

We have quite a few obligations as appraisers but our chief duty is to our clients. Most of the time, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers are required to only disclosing information to their clients, and as a homeowner, if you want to obtain a copy of the appraisal document, you should request it through your lender. Other obligations also include, accurate figures appropriate to the parameters of the assignment, attaining and maintaining an adequate level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Five Borough Appraisal Service, Inc., we take these ethical responsibilities very to heart.

Appraisers will sometimes be required to consider the interests of third parties, including homeowners, both buyers and sellers, or others. Those third parties normally are spelled out in scope of the appraisal assignment itself. An appraiser's fiduciary duty is restricted to those third parties who the appraiser is aware of, based on the scope of work or other written parameters of the order.

There are also ethical rules that have nothing to do with clients and others. For example, appraisers must backup their work files for at least five years - something else Five Borough Appraisal Service, Inc. makes a part of their standard routine.

We demand the highest professional integrity possible from ourselves. We never do assignments on contingency fees. That is, we don't agree to do an appraisal report and collect payment on the contingency of the loan closing. We don't do assignments on percentage fees. That is perhaps the appraisal professions biggest no-no, because it would tend to make appraisers inflate the value of homes or properties to increase their fee. We set ourselves to a higher standard. Other unethical practices may be defined by state law or professional societies that the appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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 diligently follow these rules to the letter which means you can be assured we are going above and beyond to objectively determine the home or property value.

With Five Borough Appraisal Service, Inc., you won't have any doubts that you're getting 100 percent ethical, honest service.