Honesty and Integrity: Mitchell & Associates, Inc.

Appraising is a profession, and appraisers are professionals. 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 unquestionably be dubbed a profession rather than a trade. In our field, as with any profession, we are bound by ethical considerations.

We have quite a few responsibilities as appraisers but our chief duty is to our clients. Most of the time, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers are privy to a lot of data, and like an attorney can only discuss many matters with their client. As a homeowner, if you require to obtain a copy of an appraisal report, you generally have to obtain it from your lender. Other responsibilities also include, numerical accuracy depending on the assignment's nature, acquiring and keeping a certain level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Mitchell & Associates, Inc., we take these ethical responsibilities very to heart.

Appraisers may also have fiduciary obligations to third parties, including homeowners, buyers and sellers, or others. Those third parties normally are spelled out in the appraisal assignment itself. An appraiser's fiduciary roll is restricted to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the order.

There are also ethical duties that have nothing to do with whom we share information. For example, appraisers must be able to produce their work files for a minimum of five years - at Mitchell & Associates, Inc. you can rest assured that we adhere to that rule.

Mitchell & Associates, Inc. holds itself to the industry standards and rules set in place for professional behavior. We refuse to accept anything less from ourselves. Doing orders on contingency fees is never an option. That is, we can't agree to do an appraisal report and get paid only if the loan closes. We don't do assignments on percentage fees. That is probably the appraisal industries biggest no-no, because it would invite appraisal fraud since raising the estimate of the home would raise the fee. We don't do that. Other unprofessional practices may be defined by state law or professional societies 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 diligently follow these rules to the letter which means you can be confident we are going above and beyond to provide an unbiased determination of the home or property value.

As soon as you engage Mitchell & Associates, Inc. we'll make sure you're getting the professional service you expect along with the an ethical approach with appraisals that we're known for.