Jennilee Witherby upholds the highest professional ethics

We think of what we do 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 these days that real estate appraisal can definitely be dubbed a profession rather than a trade. As with any profession we have a strict ethical code.

We have a lot of obligations as appraisers but first and foremost we answer to our clients. Generally, for a standard 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 desire to obtain a copy of the appraisal document, you generally have to obtain it through your lender. Other obligations also include, accurate figures appropriate to the scope of the report, reaching and sustaining an adequate level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Jennilee Witherby, we take these ethical responsibilities very seriously.

Appraisers may regularly have fiduciary obligations 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 only to those third parties who the appraiser is aware of, 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 backup their work files for at least five years - something else Jennilee Witherby makes a part of their standard routine.

We demand the highest professional integrity possible from ourselves. Doing assignments on contingency fees is never an option. 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 appraisal fraud since raising the estimate of the home would inflate the fee. We set ourselves to a higher standard. Other unprofessional practices may be established by state law or professional societies that the appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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," as well as other situations. We follow these rules to the letter which means you can be at ease knowing we are going above and beyond to objectively determine the home or property value.

As soon as you request an appraisal from Jennilee Witherby 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.