Ferris Appraisal Services maintains the highest professional ethics

We consider our our business a profession. Requirements to become a licensed appraiser have become more difficult than ever before. So it goes without question these days that real estate appraisal can certainly be called a profession rather than a trade. As with any profession we must follow strict ethical considerations.

For an appraiser the primary obligation is to their client. Generally, for a typical residential appraisal, the appraiser's client is the lender ordering the appraisal. 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 want a copy of the appraisal document, you should get it through your lender. Other responsibilities also include, accurate calculations appropriate to the parameters of the assignment, reaching and maintaining a particular level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics and client confidentiality is standard operating procedure for us at Ferris Appraisal Services.

In some cases appraisers will have fiduciary responsibilities to third parties, including homeowners, both sellers and buyers, or others. Those third parties normally are defined in the appraisal assignment itself. An appraiser's fiduciary duty is restricted to those third parties who the appraiser is aware of, based on the scope of work or other written parameters of the job.

There are also ethical duties that have nothing to do with clients and others. For example, appraisers must store their work files for at least five years - something else Ferris Appraisal Services diligently adheres to.

We demand the highest ethical standards possible from ourselves. Working on orders that contingency fees is never an option. That is, we can't agree to do an appraisal report and get paid only if the loan closes. Another practice that's restricted is doing assignments on percentage fees. That is perhaps the appraisal industries biggest no-no, because it would invite appraisal fraud since increasing the estimate of the home would raise the fee. We set ourselves to a higher standard. Other improper practices may be defined by state law or professional organizations to which an appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also defines unethical behavior 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 working hard to provide an unbiased determination of the home or property value.

With Ferris Appraisal Services, you won't have any doubts that you're receiving 100 percent ethical, honest service.