For honest and ethical appraisals, trust KRC Appraisals

Appraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have become more difficult than ever in the past. That's why it goes without question in this day and age that real estate appraisal can definitely be called a profession as opposed to a trade. As with any profession we have a strict ethical code.

For an appraiser the primary obligation is to their client. Typically, for a regular residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have certain duties of confidentiality to their clients, and as a homeowner, if you want to obtain a copy of an appraisal report, you should get it through your lender. Other obligations also include, numerical accuracy depending on the assignment's nature, attaining and maintaining a certain level of competency and education, and the appraiser must conduct him or herself as a professional. Maintaining high ethics is just normal course of business for us at KRC Appraisals.

There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, including homeowners, buyers and sellers, or others. Those third parties normally are spelled out in the appraisal assignment itself. An appraiser's fiduciary roll is only to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the job.

There are also ethical duties that have nothing to do with whom we share information. For example, appraisers must be able to produce their work files for at least five years - at KRC Appraisals you can rest assured that we abide by that rule.

We require the highest ethical standards possible from ourselves. Working on orders that contingency fees is not something we can consider That is, we can'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 probably the appraisal professions most important rule, because it would invite fraudulent practices since raising the estimate of the home would increase the their paycheck. We set ourselves to a higher standard. Other improper practices may be defined by state law or professional societies to which an 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," in addition to other situations We follow these rules to the letter which means you can be confident we are doing everything we can to objectively determine the home or property value.

As soon as you engage KRC Appraisals 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.