Honesty and Integrity: Holbrook and Associates

Appraising is, by and large, a long term career. The rigors of becoming a licensed appraiser have increased more than ever before. So 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.

As appraisers our primary obligation is to their client. Typically, for a regular residential appraisal, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers are privy to a lot of information, and like an attorney can only discuss many matters with their client. As a homeowner, if you require to obtain a copy of the appraisal document, you normally have to obtain it from your lender. Other obligations also include, accurate sums appropriate to the scope of the assignment, reaching and maintaining a respectable level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Holbrook and Associates, we take these ethical responsibilities very seriously.

Appraisers will often be required to consider the interests of third parties, including homeowners, buyers and sellers, or others. Those third parties normally are defined in the appraisal assignment itself. An appraiser's fiduciary duty is limited to those parties who the appraiser knows, based on the scope of work or other things in the framework of the order.

There are also ethical rules that have nothing to do with whom we share information. For example, appraisers must be able to produce their work files for at least five years - at Holbrook and Associates you can rest assured that we abide by that rule.

Holbrook and Associates holds itself to the industry standards and guidelines set in place for ethics. We refuse to accept anything less from ourselves. We never do assignments on contingency fees. 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 biggest no-no, because it would tend to make appraisers raise the value of homes or properties to increase their paycheck. 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 follow these rules to the letter which means you can be at ease knowing we are going above and beyond to provide an unbiased determination of the home or property value.

When you engage Holbrook and Associates we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.