Newport Appraisal Company maintains the highest professional ethics

Appraising is typically a long term career. Requirements to become a licensed appraiser have become more difficult than ever before. So it goes without question in this day and age that real estate appraisal can definitely be considered a profession rather than a trade. In our field, as with any profession, we must follow strict ethical considerations.

We have many responsibilities as appraisers but first and foremost we answer to our clients. Generally, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have rules and regulations they must follow, including confidentiality for their clients a homeowner, if you want to obtain a copy of an appraisal report, you should request it from your lender. Other obligations also include, accurate sums appropriate to the parameters of the report, reaching and maintaining a particular level of competency and education, and of course, the appraiser must behave in a professional manner. Here at Newport Appraisal Company, we take these ethical responsibilities very to heart.

Appraisers may regularly 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 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.

Appraisers also have rules outside of boundaries of clients and others. For example, appraisers must be able to produce their work files for a minimum of five years - something else Newport Appraisal Company makes a part of their standard routine.

We meet or beat the industry standards and rules set in place for professional behavior. We refuse to accept anything less from ourselves. 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. Another practice that's restricted is doing assignments on percentage fees. That is probably the appraisal industries biggest no-no, because it would tend to make appraisers up the value of homes or properties to increase their paycheck. We don't do that. Other improper practices may be established by state law or professional organizations to which an appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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," in addition to other situations We diligently 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 engage Newport Appraisal Company we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.