Honesty and Integrity: Chris McKnight

We consider our what we do a profession. Requirements to become a licensed appraiser have increased more than ever before. So it goes without question in this day and age that real estate appraisal can definitely be considered a profession as opposed to a trade. In our field, as with any profession, we are bound by ethical considerations.

We have a lot of obligations as appraisers but first and foremost 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 certain duties of privacy to their clients, and as a homeowner, if you want a copy of the appraisal document, you normally have to obtain it through your lender. Other responsibilities also include, accurate figures appropriate to the nature of the assignment, acquiring and keeping a respectable level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics and client confidentiality is just normal course of business for us at Chris McKnight.

Appraisers may frequently have fiduciary obligations to third parties, such as homeowners, both buyers and sellers, or others. Those third parties normally are defined in the appraisal assignment itself. An appraiser's fiduciary responsibility is restricted to those parties who the appraiser knows, based on the scope of work or other things in the framework of the job.

There are also ethical duties that have nothing to do with whom we share information. For example, appraisers must be able to produce their work files for at least five years - something else Chris McKnight takes very seriously.

While busy with an appraisal, we follow the highest ethical standards possible. We don't do assignments on contingency fees. That is, we don'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 invite fraudulent practices since raising the value of the home would raise the fee. We set ourselves to a higher standard. Other improper practices may be defined by state law or professional organizations to which an appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also defines 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," in addition to other situations We diligently follow these rules to the letter which means you can be at ease knowing we are doing everything we can to provide an unbiased determination of the home or property value.

As soon as you order an appraisal from Chris McKnight we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.