For honest and ethical appraisals, count on Di Cicco & Associates

We think of our business as a profession. Requirements to become a licensed appraiser have become more difficult than ever before. So it goes without question these days that real estate appraisal can unquestionably be dubbed a profession as opposed to a trade. As with any profession we are bound by an ethical code.

The appraiser's main responsibility is to their client. More often than not, in residential practice, 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 desire a copy of an appraisal report, you normally have to get it from your lender. Other responsibilities also include, numerical accuracy depending on the assignment's nature, reaching and sustaining an appropriate level of competency and education, and the appraiser must conduct him or herself as a professional. Here at Di Cicco & Associates, we take these ethical responsibilities very to heart.

Appraisers may regularly have fiduciary responsibilities to third parties, such as homeowners, sellers and buyers, or others. Normally the third parties are specifically defined in the appraisal report. An appraiser's fiduciary roll is restricted to those parties who the appraiser knows, based on the scope of work or other written parameters of the order.

There are also ethical rules that have nothing to do with clients and others. For example, appraisers must store their work files for at least five years - something else Di Cicco & Associates takes very seriously.

We demand the highest professional integrity possible from ourselves. We never 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 can't do assignments on percentage fees. That is perhaps the appraisal industries biggest no-no, because it would tend to make appraisers raise the value of homes or properties to increase their paycheck. We set ourselves to a higher standard. 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 a violation in ethics 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," in addition to other situations We diligently follow these rules to the letter which means you can be assured we are doing everything we can to objectively determine the home or property value.

As soon as you engage Di Cicco & Associates we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.