Honesty and Integrity: Jacob M. Fenn Appraisal Company

Appraising is generally a long term career. Requirements to become a licensed appraiser have increased more than ever before. So it goes without question in this day and age 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 responsibilities as appraisers but above everything we answer to our clients. Typically, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have rules and regulations they must follow, including keeping many matters private for their clients a homeowner, if you would like a copy of an appraisal report, you normally have to request it through your lender. Other responsibilities also include, numerical accuracy depending on the assignment parameters, acquiring and maintaining a respectable level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Jacob M. Fenn Appraisal Company, we take these ethical responsibilities very seriously.

Appraisers will sometimes be required to consider the interests of third parties, including homeowners, both sellers and buyers, or others. Normally the third parties are specifically defined in the appraisal report. An appraiser's fiduciary responsibility is only to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the job.

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 - something else Jacob M. Fenn Appraisal Company makes a part of their standard routine.

We meet or beat the industry standards and mandates set in place for professional behavior. We refuse to accept anything less 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. Another practice that's restricted is doing assignments on percentage fees. That is probably the appraisal industries biggest no-no, because it would tend to make appraisers raise the value of homes or properties to increase their fee. We set ourselves to a higher standard. Other improper practices may be established by state law or professional organizations to which an appraiser belongs.

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

With Jacob M. Fenn Appraisal Company, you can be assured of 100 percent ethical, honest service.