Honesty and Integrity: David Levy Appraiser

Appraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have become more difficult 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 have a strict ethical code.

We have quite a few responsibilities as appraisers but first and foremost we answer to our clients. Typically, for a regular residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers are required to only disclosing information to their clients, and as a homeowner, if you require to obtain a copy of an appraisal report, you should obtain it through your lender. Other responsibilities also include, accurate figures appropriate to the scope of the assignment, acquiring and sustaining an appropriate level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics is just normal course of business for us at David Levy Appraiser.

Appraisers will sometimes be required to consider the interests of third parties, including homeowners, buyers and sellers, or others. Normally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary duty is limited to those third parties who the appraiser is aware of, based on the scope of work or other things in the framework of the assignment.

Appraisers also have standards outside of boundaries of clients and others. For example, appraisers must keep their work files for a minimum of five years - at David Levy Appraiser you can rest assured that we stick to that rule.

We only perform to the highest ethical standards possible. Doing assignments on contingency fees is never an option. That is, we are not able to 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 probably the appraisal professions most important rule, because it would tend to make appraisers increase the value of homes or properties to increase their paycheck. We don't do that. 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 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 follow these rules to the letter which means you can rest easy knowing we are doing everything we can to provide an unbiased determination of the home or property value.

When you engage David Levy Appraiser we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.