G K Coleman and Sons Appraisals maintains the highest professional ethics

Appraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have become more difficult than ever before. That's why it goes without question in this day and age that real estate appraisal can definitely be considered a profession as opposed to a trade. In our field, as with any profession, we have a strict ethical code.

The appraiser's primary obligation is to his or her client. Generally, for a standard residential appraisal, 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 desire to review the appraisal document, you should get it through your lender. Other responsibilities also include, accurate calculations appropriate to the parameters of the report, acquiring and keeping a certain level of competency and education, and of course, the appraiser must behave in a professional manner. Here at G K Coleman and Sons Appraisals, we take these ethical responsibilities very seriously.

There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, including homeowners, both buyers and sellers, or others. Those third parties normally are spelled out in the appraisal assignment itself. An appraiser's fiduciary roll is restricted to those third parties who the appraiser is aware of, based on the scope of work or other written parameters of the order.

There are also ethical rules that have nothing to do with clients and others. For example, appraisers must be able to produce their work files for a minimum of five years - at G K Coleman and Sons Appraisals you can rest assured that we stick to that rule.

When working on an assignment, we follow the highest ethical standards possible. We have a responsibility not to do assignments on contingency fees. That is, we don'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 perhaps the appraisal professions most important rule, because it would tend to make appraisers inflate the value of homes or properties to increase their fee. We don't do that. Other improper practices may be defined by state law or professional societies to which an 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," in addition to other situations We follow these rules to the letter which means you can be assured we are doing everything we can to provide an unbiased determination of the home or property value.

As soon as you engage G K Coleman and Sons Appraisals we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.