Key Appraisal upholds the highest professional ethics

We consider our our business a profession. The rigors of becoming a licensed appraiser have increased more 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. In our field, as with any profession, we must follow strict ethical considerations.

We have many responsibilities as appraisers but our chief duty is to our clients. Generally, 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 require a copy of an appraisal report, you generally have to obtain it through your lender. Other obligations also include, accurate figures appropriate to the nature of the assignment, acquiring and keeping a particular level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics and client confidentiality is just normal course of business for us at Key Appraisal.

Appraisers may often have fiduciary obligations to third parties, including homeowners, both sellers and buyers, or others. Typically the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary responsibility is restricted to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the job.

Appraisers also have duties outside of boundaries of clients and others. For example, appraisers must keep their work files for at least five years - at Key Appraisal you can rest assured that we adhere to that rule.

While working on an appraisal, we follow the highest ethical standards possible. We never do assignments on contingency fees. That is, we can't agree to do an appraisal report and collect the fee only if the loan closes. Another practice that's restricted is doing assignments on percentage fees. That is perhaps the appraisal professions biggest no-no, because it would tend to make appraisers increase 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 diligently follow these rules to the letter which means you can be at ease knowing we are doing everything we can to objectively determine the home or property value.

As soon as you order an appraisal from Key Appraisal 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.