Honesty and Integrity: Cory Chase

We think of what we do as a profession. The rigors of becoming a licensed appraiser have become more difficult than ever before. That's why it goes without question these days that real estate appraisal can definitely be called a profession rather than a trade. As with any profession we are bound by an ethical code.

We have many obligations as appraisers but above everything we answer to our clients. Typically, for a standard residential appraisal, 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 should get it through your lender. Other responsibilities also include, accurate figures appropriate to the scope of the report, acquiring and sustaining a certain level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Cory Chase, we take these ethical responsibilities very to heart.

Appraisers will regularly need to consider the interests of third parties, such as homeowners, both sellers and buyers, or others. Typically the third parties are specifically defined in the appraisal report. An appraiser's fiduciary responsibility is only to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the job.

There are also ethical standards that have nothing to do with whom we share information. For example, appraisers must keep their work files for at least five years - at Cory Chase you can rest assured that we adhere to that rule.

When creating reports, we follow the highest ethical standards possible. Doing orders on contingency fees is not something we can consider That is, we are not able to agree to do an appraisal report and get paid only if the loan closes. Another practice that's restricted is doing assignments on percentage fees. That is perhaps the appraisal professions biggest taboo, because it would tend to make appraisers inflate the value of homes or properties to increase their fee. We don't do that. Other unethical practices may be established by state law or professional organizations 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 doing everything we can to objectively determine the home or property value.

With Cory Chase, you can be assured of 100 percent ethical, honest service.