Honesty and Integrity: Childress and Associates

We consider our our job a profession. Requirements to become a licensed appraiser have become more difficult than ever in the past. So it goes without question these days that real estate appraisal can unquestionably be dubbed a profession as opposed to a trade. As with any profession we have a strict ethical code.

We have quite a few responsibilities as appraisers but our primary duty is to our clients. Typically, for a regular 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 obtain a copy of an appraisal report, you should get it through your lender. Other obligations also include, accurate figures appropriate to the parameters of the report, attaining and maintaining an appropriate level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Childress and Associates, we take these ethical responsibilities very seriously.

Appraisers will frequently be obligated to consider the interests of third parties, such as homeowners, both sellers and buyers, or others. Typically the third parties are explicitly defined in the appraisal report. An appraiser's fiduciary duty is only 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 standards that have nothing to do with clients and others. For example, appraisers must store their work files for at least five years - at Childress and Associates you can rest assured that we stick to that rule.

We require the highest ethical standards possible from ourselves. 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 perhaps the appraisal industries most important rule, because it would tend to make appraisers raise the value of homes or properties to increase their fee. We don't do that. Other improper practices may be established by state law or professional organizations that the appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also states 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," as well as other situations. We follow these rules to the letter which means you can be at ease knowing we are working hard to provide an unbiased determination of the home or property value.

With Childress and Associates, you can be assured of 100 percent ethical, professional service.