Pettit Appraisals upholds the utmost professional ethics

Appraising is, by and large, a long term career. Requirements to become a licensed appraiser have increased more than ever in the past. That's why it goes without question these days that real estate appraisal can unquestionably be considered 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, in residential practice, the appraiser's client is the lender ordering the appraisal. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you would like a copy of an appraisal report, you should request it from your lender. Other responsibilities also include, numerical accuracy depending on the assignment parameters, acquiring and maintaining a respectable level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Pettit Appraisals, we take these ethical responsibilities very to heart.

Appraisers may also have fiduciary obligations to third parties, including homeowners, both buyers and sellers, or others. Those third parties normally are listed in scope of the appraisal assignment itself. An appraiser's fiduciary roll is restricted to those parties who the appraiser knows, based on the scope of work or other written parameters of the assignment.

There are also ethical duties 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 - at Pettit Appraisals you can rest assured that we abide by that rule.

When busy with an appraisal, we follow the highest ethical standards possible. Doing assignments on contingency fees is not something we can consider 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 industries most important rule, because it would tend to make appraisers raise the value of homes or properties to increase their fee. We don't do that. Other improper practices may be established by state law or professional societies that the 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," as well as other situations. We follow these rules to the letter which means you can rest easy knowing we are going above and beyond to objectively determine the home or property value.

As soon as you order an appraisal from Pettit 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.