For honest and ethical appraisals, rely on Richard Rockwood

We consider our our job a profession. Requirements to become a licensed appraiser have become more difficult than ever in the past. So it goes without question in this day and age that real estate appraisal can certainly be considered a profession rather than a trade. In our field, as with any profession, we are bound by ethical considerations.

We have quite a few obligations as appraisers but above everything we answer to our clients. More often than not, in residential practice, the appraiser's client is the lender ordering the appraisal. Appraisers are privy to a lot of information, and like an attorney can only discuss many matters with their client. As a homeowner, if you require to review the appraisal document, you should get it through your lender. Other responsibilities also include, numerical accuracy depending on the assignment's nature, acquiring and keeping a respectable level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Richard Rockwood, we take these ethical responsibilities very seriously.

Appraisers can also have fiduciary responsibilities to third parties, including homeowners, buyers and sellers, or others. Normally the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary roll is only to those third parties who the appraiser is aware of, based on the scope of work or other written parameters of the order.

Appraisers also have duties outside of boundaries of with whom we share information For example, appraisers must keep their work files for at least five years - at Richard Rockwood you can rest assured that we stick to that rule.

We demand the highest professional integrity possible from ourselves. We never do assignments on contingency fees. That is, we can't 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 industries 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 societies to which an appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also states 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 be assured we are going above and beyond to objectively determine the home or property value.

As soon as you request an appraisal from Richard Rockwood 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.