Honesty and Integrity: Brookwood Appraisal Consultants, LLC

Appraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have increased more than ever in the past. That's why it goes without question in this day and age that real estate appraisal can certainly be considered a profession rather than a trade. In our field, as with any profession, we are bound by ethical considerations.

We have quite a few obligations as appraisers but above everything we answer to our clients. Typically, for a standard residential appraisal, the appraiser's client is the lender ordering the appraisal. 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 would like to obtain a copy of an appraisal report, you should obtain it from your lender. Other obligations also include, numerical accuracy depending on the assignment's nature, attaining and sustaining a certain level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics is is what we do everyday at Brookwood Appraisal Consultants, LLC.

Appraisers will often be obligated to consider the interests of third parties, such as homeowners, buyers and sellers, or others. Generally the third parties are clearly defined in the appraisal report. An appraiser's fiduciary duty is restricted to those third parties who the appraiser is aware of, based on the scope of work or other things in the framework of the job.

There are also ethical rules that have nothing to do with whom we share information. For example, appraisers must backup their work files for at least five years - at Brookwood Appraisal Consultants, LLC you can rest assured that we adhere to that rule.

When working on an appraisal, we follow the highest ethical standards possible. We don't do assignments on contingency fees. That is, we can't agree to do an appraisal report and collect the fee only if the loan closes. Another practice that's restricted is doing assignments on percentage fees. That is probably the appraisal industries biggest no-no, because it would invite fraudulent practices since increasing the value of the home would increase the fee. We set ourselves to a higher standard. Other unprofessional practices may be established by state law or professional organizations that the appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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," in addition to other situations We diligently follow these rules to the letter which means you can be at ease knowing we are doing everything we can to provide an unbiased determination of the home or property value.

As soon as you engage Brookwood Appraisal Consultants, LLC we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.