Honesty and Integrity: Carol Huffman
We think of our business as a profession. The rigors of becoming a licensed appraiser have increased more than ever in the past. That's why it goes without question in this day and age that real estate appraisal can unquestionably be considered a profession as opposed to a trade. In our field, as with any profession, we are bound by ethical considerations.
The appraiser's main obligation is to his or her client. Typically, for a regular residential appraisal, 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 desire to obtain a copy of an appraisal report, you normally have to request it from your lender. Other responsibilities also include, numerical accuracy depending on the assignment's nature, acquiring and sustaining a certain level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Huffman Appraisals & Real Estate Services, we take these ethical responsibilities to heart.
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Appraisers may also have fiduciary obligations to third parties, including homeowners, both buyers and sellers, or others. Those third parties normally are defined in scope of the appraisal assignment itself. An appraiser's fiduciary roll is only to those parties who the appraiser knows, based on the scope of work or other written parameters of the job.
Appraisers also have duties outside of boundaries of with whom we share information For example, appraisers must backup their work files for a minimum of five years - at Huffman Appraisals & RealEstate Services you can rest assured that we stick to that rule.
We demand the highest ethical standards possible from ourselves. Doing orders on contingency fees is not something we can consider. That is, we can't agree to do an appraisal report and collect the fee only if the loan closes. We can't do assignments on percentage fees. That is perhaps the appraisal industries most important rule, because it would invite fraudulent practices since raising the value of the home would inflate their paycheck. We set ourselves to a higher standard. Other professional 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 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 assured we are doing everything we can to objectively determine the home or property value.
As soon as you order an appraisal from Carol Huffman we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.