Honesty and Integrity: J.R. Broadfoot

Appraising is typically a long term career. Requirements to become a licensed appraiser have become more difficult than ever before. So 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 must follow strict ethical considerations.

As appraisers our chief obligation is to their client. Typically, for a standard residential appraisal, 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 desire to review the appraisal document, you should request it through your lender. Other obligations also include, numerical accuracy depending on the assignment's nature, attaining and sustaining a respectable level of competency and education, and the appraiser must conduct him or herself as a professional. Here at J.R. Broadfoot, we take these ethical responsibilities very to heart.

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

There are also ethical rules that have nothing to do with clients and others. For example, appraisers must store their work files for a minimum of five years - something else J.R. Broadfoot takes very seriously.

J.R. Broadfoot holds itself to the industry standards and rules set in place for professional behavior. We won't accept anything less from ourselves. We have a responsibility not to 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 invite fraudulent practices since raising the value of the home would raise the their paycheck. We set ourselves to a higher standard. Other unethical practices may be established by state law or professional societies that the 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," in addition to other situations We follow these rules to the letter which means you can be confident we are going above and beyond to provide an unbiased determination of the home or property value.

With J.R. Broadfoot, you can be assured of 100 percent ethical, honest service.