Honesty and Integrity: Covarrubias Appraisal Services

Appraising is generally a long term career. Requirements to become a licensed appraiser have become more difficult than ever in the past. So it goes without question in this day and age that real estate appraisal can definitely be dubbed a profession as opposed to a trade. As with any profession we must follow strict ethical considerations.

We have a lot of responsibilities as appraisers but above everything we answer to our clients. More often than not, for a normal residential appraisal, the appraiser's client is the lender ordering the appraisal. Appraisers have certain duties of privacy to their clients, and as a homeowner, if you desire to review the appraisal document, you generally have to get it through your lender. Other obligations also include, accurate sums appropriate to the parameters of the report, acquiring and maintaining an adequate level of competency and education, and the appraiser must conduct him or herself as a professional. Maintaining high ethics is just normal course of business for us at Covarrubias Appraisal Services.

Appraisers will frequently need to consider the interests of third parties, including homeowners, buyers and sellers, or others. Typically the third parties are specifically defined in the appraisal report. An appraiser's fiduciary responsibility is restricted to those 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 store their work files for at least five years - at Covarrubias Appraisal Services you can rest assured that we abide by that rule.

We only perform to 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. We can't do assignments on percentage fees. That is probably the appraisal professions most important rule, because it would invite fraudulent practices since raising the value of the home would increase the fee. We don't do that. Other unethical practices may be defined by state law or professional organizations that the appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also states 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 diligently follow these rules to the letter which means you can rest easy knowing we are working hard to provide an unbiased determination of the home or property value.

With Covarrubias Appraisal Services, you can be assured of 100 percent ethical, professional service.