Lake Appraisal Service upholds the utmost professional ethics

We consider our our job a profession. 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 unquestionably be called a profession rather than a trade. As with any profession we are bound by an ethical code.

As appraisers our chief responsibility is to their client. Normally, 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 desire to review the appraisal document, you normally have to request it from your lender. Other responsibilities also include, accurate sums appropriate to the parameters of the report, acquiring and sustaining an appropriate level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Lake Appraisal Service, we take these ethical responsibilities very seriously.

Appraisers will often be required to consider the interests of third parties, such as homeowners, sellers and buyers, or others. Those third parties normally are defined in the appraisal assignment itself. An appraiser's fiduciary roll is limited to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the order.

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

Lake Appraisal Service holds itself to the industry standards and guidelines 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 probably the appraisal professions most important rule, because it would tend to make appraisers raise the value of homes or properties to increase their fee. We set ourselves to a higher standard. Other unprofessional practices may be established by state law or professional organizations to which an 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," in addition to 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.

With Lake Appraisal Service, you won't have any doubts that you're getting 100 percent ethical, professional service.