For honest and ethical appraisals, count on Tim Norris & Associates

We consider our our job a profession. Requirements to become a licensed appraiser have increased more than ever in the past. So it goes without question in this day and age that real estate appraisal can unquestionably be considered a profession rather than a trade. As with any profession we have a strict ethical code.

We have many responsibilities as appraisers but first and foremost we answer to our clients. Generally, for a standard residential appraisal, the appraiser's client is the lender ordering the appraisal. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you want to obtain a copy of the appraisal document, you normally have to obtain it from your lender. Other responsibilities also include, numerical accuracy depending on the scope of the assignment, reaching and keeping a certain level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Tim Norris & Associates, we take these ethical responsibilities very seriously.

Appraisers may sometimes have fiduciary obligations to third parties, such as homeowners, both buyers and sellers, or others. Those third parties normally are listed in scope of 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 things in the framework of the assignment.

Appraisers also have duties outside of boundaries of with whom we share information For example, appraisers must keep their work files for a minimum of five years - at Tim Norris & Associates you can rest assured that we abide by that rule.

When creating reports, we follow the highest ethical standards possible. We have a responsibility not to 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. We don't do assignments on percentage fees. That is perhaps the appraisal professions biggest taboo, because it would tend to make appraisers increase the value of homes or properties to increase their fee. We don't do that. Other unprofessional practices may be established by state law or professional societies to which an appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also states unethical behavior as accepting 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 rest easy knowing we are working hard to objectively determine the home or property value.

With Tim Norris & Associates, you won't have any doubts that you're getting 100 percent ethical, honest service.