Phillips Real Estate Services, LLC. maintains the highest professional ethics

Appraising is generally 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 certainly be considered a profession as opposed to a trade. As with any profession we must follow strict ethical considerations.

For an appraiser the chief obligation is to their client. Typically, for a normal residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers are privy to a lot of data, and like an attorney can only discuss many matters with their client. As a homeowner, if you would like to review an appraisal report, you should request it through your lender. Other obligations also include, numerical accuracy depending on the scope of the assignment, reaching and maintaining a particular level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Phillips Real Estate Services, LLC., we take these ethical responsibilities very seriously.

In some cases appraisers will have fiduciary responsibilities to third parties, including homeowners, buyers and sellers, or others. Those third parties normally are listed in the appraisal assignment itself. 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.

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 a minimum of five years - something else Phillips Real Estate Services, LLC. takes very seriously.

When busy with an appraisal, we follow the highest ethical standards possible. Working on orders that 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. We don't do assignments on percentage fees. That is probably the appraisal industries most important rule, because it would invite appraisal fraud since raising the value of the home would increase the fee. We set ourselves to a higher standard. Other improper practices may be defined by state law or professional organizations that the appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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," in addition to other situations We follow these rules to the letter which means you can be assured we are working hard to provide an unbiased determination of the home or property value.

When you engage Phillips Real Estate Services, LLC. we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.