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

We consider our our business a profession. Requirements to become a licensed appraiser have increased more than ever in the past. That's why it goes without question in this day and age that real estate appraisal can unquestionably be dubbed a profession as opposed to a trade. As with any profession we must follow strict ethical considerations.

For an appraiser the chief obligation is to his or her client. Typically, for a standard residential appraisal, 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 want to obtain a copy of the appraisal document, you generally have to get it through your lender. Other obligations also include, accurate calculations appropriate to the nature of the assignment, reaching and maintaining a particular level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics is standard operating procedure for us at Di Cicco & Associates.

In some cases appraisers will have fiduciary responsibilities to third parties, such as homeowners, both buyers and sellers, or others. Those third parties normally are spelled out in the appraisal assignment itself. An appraiser's fiduciary roll is restricted to those third parties who the appraiser knows, based on the scope of work or other written parameters of the order.

There are also ethical standards that have nothing to do with whom we share information. For example, appraisers must backup their work files for a minimum of five years - at Di Cicco & Associates you can rest assured that we stick to that rule.

When creating reports, we follow the highest ethical standards possible. Doing orders on contingency fees is never an option. That is, we can't 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 perhaps the appraisal professions biggest no-no, because it would tend to make appraisers increase the value of homes or properties to increase their fee. We don't do that. Other improper practices may be established by state law or professional societies 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 going above and beyond to objectively determine the home or property value.

When 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.