Honesty and Integrity: Henderson Appraisal Inc.

We think of our business as a profession. Requirements to become a licensed appraiser have become more difficult than ever before. 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 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 appraiser's client is the lender ordering the appraisal. Appraisers have certain duties of privacy to their clients, and as a homeowner, if you require to review the appraisal document, you normally have to get it from your lender. Other responsibilities also include, numerical accuracy depending on the assignment's nature, reaching and sustaining a certain level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Henderson Appraisal Inc., we take these ethical responsibilities very to heart.

There are some scenarios in which appraisers will have fiduciary responsibilities to third parties, such as homeowners, buyers and sellers, or others. Those third parties normally are listed in the appraisal assignment itself. An appraiser's fiduciary responsibility is restricted 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 whom we share information. For example, appraisers must backup their work files for at least five years - at Henderson Appraisal Inc. you can rest assured that we stick to that rule.

We meet or beat the industry standards and mandates set in place for professional behavior. We won't accept anything less from ourselves. Working on orders that contingency fees is not something we can consider That is, we are not able to 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 most important rule, because it would invite appraisal fraud since raising the value of the home would raise the their paycheck. We don't do that. Other unethical 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 follow these rules to the letter which means you can be assured we are going above and beyond to objectively determine the home or property value.

When you request an appraisal from Henderson Appraisal Inc. we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.